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WELLINGTON, New Zealand (AP) — New Zealand's central bank has cut its benchmark interest rate to a record low 2 percent, but its efforts to boost inflation and lower the currency failed to impress traders, who bid the New Zealand dollar higher.
The Reserve Bank on Thursday cut the rate by a quarter-point in a move that was widely anticipated by economists. But in its projections, the bank predicted only modest future rate cuts when many had expected deeper cuts.
The so-called kiwi dollar jumped by more than 1 percent after the announcement and was trading at $0.73.
The currency moved in the opposite direction to that desired by Reserve Bank Governor Graeme Wheeler. In a statement, Wheeler said the currency needed to decline as the high exchange rate was putting pressure on exporters.
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