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AAP
AAP
Ben McKay

'Double-whammy, double-happy': RBNZ cuts OCR by 50bps

Interest rates are on the way down in New Zealand, where the central bank has cut 50 basis points from the official cash rate.

Reserve Bank of New Zealand (RBNZ) governor Adrian Orr took the OCR to 4.75 per cent on Wednesday, acknowledging an economy in dire straits.

"Economic activity in New Zealand is subdued, in part due to restrictive monetary policy," he said.

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