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Orr cuts deep and warns on agribusiness

The RBNZ surprised markets with a deeper than expected cut to the OCR. Reserve Bank Governor Adrian Orr said the bank’s Monetary Policy Committee “tossed and turned around” before decided to cut the rate by a full 50 basis points to one percent, in hopes of stimulating the economy against a global slowdown. Economists had forecast just a 0.25 percent cut. read more

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