{"id":286310,"date":"2011-03-02T06:06:26","date_gmt":"2011-03-02T06:06:26","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/02\/nz-dollar-falls-on-rate-cut-talk\/"},"modified":"2011-03-02T06:06:26","modified_gmt":"2011-03-02T06:06:26","slug":"nz-dollar-falls-on-rate-cut-talk","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/02\/nz-dollar-falls-on-rate-cut-talk\/","title":{"rendered":"NZ dollar falls on rate cut talk"},"content":{"rendered":"<p><div readability=\"66.1147269719\">\n        \t\t  <span><br \/>\n    <span>2 March 2011<\/span><br \/>\n<span>Last updated at <\/span><span>01:06 ET<\/span><br \/>\n<\/span><\/p>\n<p>        <!--  Embedding the video player --><br \/>\n<!--  This is the embedded player component --><\/p>\n<div readability=\"32\">\n<div>\n<div readability=\"7\">\n                                <img decoding=\"async\" class=\"holding\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/321dea6c33_51473432.jpg\" alt=\"Building affected by the earthquake\" \/><\/p>\n<p><strong>Please turn on JavaScript.<\/strong> Media requires JavaScript to play.<\/p>\n<\/p><\/div>\n<p>        <!-- embedding script --><\/p><\/div>\n<p>            <!-- companion banner --> <\/p>\n<p>\t\t\t<!-- END - companion banner --><!-- caption --><\/p>\n<p>Phil Mercer reports on the cost of rebuilding New Zealand following the quake <\/p>\n<p>\t\t<!-- END - caption -->\n        <\/div>\n<p><!-- end of the embedded player component --><\/p>\n<p><!-- Player embedded -->\t<\/p>\n<p>The New Zealand dollar fell on speculation the central bank will cut interest rates to help the economy recover from a deadly earthquake. <\/p>\n<p>The Kiwi dollar fell 1% to NZ$0.73 against the US dollar. <\/p>\n<p>Prime Minister John Key was quoted by the Bloomberg news agency as saying that he expects, and would welcome, an interest rate cut.<\/p>\n<p>Estimates put the cost of rebuilding after the earthquake at close to NZ$20bn ($15bn; \u00a39.3bn). <\/p>\n<p>  <span>Sharp contrast<\/span><\/p>\n<p>The Reserve Bank of New Zealand has kept interest rates unchanged at 3% since July.<\/p>\n<p>It next meets on 10 March to set rates.<\/p>\n<p>&#8220;The market has priced in a cut from the Reserve Bank,&#8221; Mr Keys is quoted as saying by Bloomberg.<\/p>\n<p>&#8220;That would probably be my expectation, that the Reserve Bank would cut, but it is for them to determine that. We&#8217;d certainly welcome it,&#8221; he said.<\/p>\n<p>A cut now would be in sharp contrast to many other countries worldwide which are raising interest rates to battle high inflation.<\/p>\n<p>  <span>&#8216;No growth&#8217;<\/span><\/p>\n<p>An earthquake measuring 6.3 on the Richter scale hit Christchurch on 22 February, killing more than 150 people.<\/p>\n<p>Mr Key said the economic impact of the quake would be felt in the first half of this year.<\/p>\n<p>According to Bloomberg, he said there would be &#8220;virtually no growth&#8221; in New Zealand for the year through to the end of June.<\/p>\n<p>He also said that a recession in the first half of 2011 could not be ruled out.<\/p>\n<p>New Zealand was almost in recession before the earthquake hit.<\/p>\n<\/p><\/div>\n<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/321dea6c33_51473432-150x150.jpg\" \/><\/p>\n<p>See the rest here:<br \/>\n<a target=\"_blank\" href=\"http:\/\/www.bbc.co.uk\/go\/rss\/int\/news\/-\/news\/business-12617205\" title=\"NZ dollar falls on rate cut talk\" rel=\"noopener noreferrer\">NZ dollar falls on rate cut talk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> 2 March 2011 Last updated at 01:06 ET Please turn on JavaScript. Media requires JavaScript to play. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-286310","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NZ dollar falls on rate cut talk - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/03\/02\/nz-dollar-falls-on-rate-cut-talk\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"NZ dollar falls on rate cut talk - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"2 March 2011 Last updated at 01:06 ET Please turn on JavaScript. 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