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The Reserve Bank of New Zealand (RBNZ) released its interest rate decision on Wednesday. The RBNZ lowered its interest rate to 2.75% from 3.00% on Wednesday as widely expected by analysts. The central bank noted that further monetary policy easing is possible.
"Some further easing in the Official Cash Rate (OCR) seems likely. This will depend on the emerging flow of economic data," the RBNZ Governor Graeme Wheeler said.
Market participants were surprised by the RBNZ governor's comments.
Wheeler noted the country's economy is adjusting to the drop in export prices, and is now growing at an annual rate of around 2%.
He pointed out that further depreciation of the New Zealand dollar is appropriate.
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