Statement by Reserve Bank Governor Graeme Wheeler: The Reserve Bank today reduced the Official Cash Rate (OCR) by 25 basis points to 3.0 percent. Global economic growth remains moderate, with only a gradual pickup in activity forecast. Recent developments in China and Europe led to heightened uncertainty and increased financial market volatility. Particular uncertainty remains around the impact of the expected tightening in US monetary policy. New Zealand’s economy is currently growing at an annual rate of around 2.5 percent, supported by low interest rates, construction activity, and high net immigration. However, ... (full story)