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New Zealand's central bank cuts interest rate to 0.25%

Official rate down by 75 basis points before scheduled meeting

Main entrance to the Reserve Bank of New Zealand located in central Wellington, New Zealand.   © Reuters

WELLINGTON (Reuters) -- The Reserve Bank of New Zealand (RBNZ) slashed its official cash rate (OCR) by 75 basis points on Monday, in response to growing concerns over the coronavirus outbreak.

The unexpected move came ahead of its scheduled policy decision meeting on March 25.

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