The Reserve Bank of New Zealand (RBNZ) cut its main interest rate Wednesday by 25 basis points to 5.25 percent in first easing move since March 2020.

RBNZ indicated progress in reducing inflation to the target range of 1 to 3 percent annually, expecting it to reach the range during the third quarter of this year.

RBNZ said expectations for a 100 basis point reduction in inflation by the middle of 2025, pointing out that any further change in interest rates would depend on upcoming economic data.

Source: Qatar News Agency