New Zealand's central bank slashed benchmark rates by 50 basis points to 3.75%, marking its fourth straight cut, as the country's economy slows down. The move was in line with expectations from economists polled by Reuters,

New Zealand’s central bank has reduced its benchmark interest rate for the fourth consecutive time, lowering it by 50 basis points to 3.75% on Wednesday.

The Reserve Bank of New Zealand (RBNZ) building in Wellington, New Zealand, on Wednesday, Feb. 22, 2023. This marks the fourth straight cut from the RBNZ, and brings the policy rate to the lowest since November 2022. The central bank said inflation remained near the mid-point of its target band of 1%-3%, prompting it to lower rates.

New Zealand's central bank cut its benchmark rate by 50 basis points to 3.75% on Wednesday and policymakers flagged further reductions in borrowing costs amid moderating inflation as they sought to revive a struggling economy.