Excerpt from: Spot Forex
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| January 29, 2009 | | Record low rate for the Reserve Bank of New Zealand |
The Reserve Bank of New Zealand cut its interest rate today in an effort to stimulate its flagging economy. The new rate, 3.5%, represents a record low for the bank, and a cut of 150 basis points.
New Zealand's economy, which relies heavily on commodity exports, has been hit hard by the slowdown in the global economy. The hope is that a dramatic interest rate cut will help boost the economy -- and the New Zealand dollar.
| Topic Tags: bank New Zealand, economy, interest rate cut, New Zealand, New Zealand dollar, spread bets interest rates, spread betting New Zealand rate | |
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