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RBNZ to stand pat on interest rates as economic prospects turn gloomier
The Reserve Bank of New Zealand (RBNZ) is holding its policy meeting on Wednesday at 0100 GMT but once again policymakers are widely expected to stay on the sidelines over increasing evidence that a global growth slowdown may be in progress. Last week, Q4 GDP growth figures out of New Zealand arrived higher at 0.6% in line with forecasts and twice the Q3 reading of 0.3%. The figure, however, missed RBNZ’s own estimate of 0.8%, while by surprise, the yearly gauge weakened to a three-year low of 2.3% compared to a 2.5% expansion expected, marking its second consecutive quarter of slowing growth. In other recent data, ... (full story)