The Reserve Bank of New Zealand (RBNZ) released its interest rate decision on Wednesday. The central bank cut its interest rate to 3.25% from 3.50%. It was the first cut since 2011.

The RBNZ Governor Graeme Wheeler said that the interest rate cut was "appropriate given low inflationary pressures and the expected weakening in demand, and to ensure that medium term inflation converges towards the middle of the target range".

He pointed out that the further interest rate cut is possible, but it will depend on the incoming economic data.