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English Says I Would Be Surprised at Another N.Z. Rate Cut
New Zealand probably won’t need to lower borrowing costs again because business confidence will rebound from a slump after the nation’s deadliest earthquake in 80 years, Finance Minister Bill English said. “I would be surprised if another one was needed,” English said in an interview with Bloomberg Television today. “The Reserve Bank cut interest rates within a few weeks of the earthquake anticipating just this reaction from business.” The local dollar rose to a four-month high against the yen as English’s remarks boosted confidence in the nation’s economy.