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Earthquake prompts New Zealand to cut rates

3:15 AM  News Updates  

Reconstruction costs from the 6.3 magnitude quake last month that left more than 166 people dead are estimated at NZ$15bn ($11 billion).
(FT) -- New Zealand's central bank sliced half a percentage point off its benchmark interest rate on Thursday in an effort to limit the short term economic impact of last month's devastating earthquake in Christchurch

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