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Interest Rates in New Zealand now at 3.5%
New Zealand's Reserve Bank has cut the official interest rate by 1.5 percentage points on Thursday.
3.5% is the lowest rate since it was introduced in 1999 and is lower than current interest rate in Australia. That leads to conclusion that Reserve Bank of Australia will reduce official interest rate with no doubt at it's meeting on Feb 3. Most economists predicts a further 1% cut which brings our rate to 3.25%.
Kiwi Bank quickly followed the Reserve Bank's lead and cut its home loan rates. This might be great news as Australian counterparts may act in the same fashion. However it signals worsening times for the economy as a whole and New Zealand's recession is now also predicted to last much longer than first expected.
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