New Zealand's central bank cut its benchmark rate by 50 basis points to 3.75% on Wednesday and policymakers flagged further reductions in borrowing costs amid moderating inflation as they sought to revive a struggling economy.

New Zealand's central bank cut its benchmark rate by 50 basis points to 3.75% on Wednesday as policymakers sought to revive a struggling economy, and markets bet that moderating inflation will bring borrowing costs even lower over coming months.

The Reserve Bank of New Zealand slashed its benchmark rate by 50 basis points to 3.75%, addressing a struggling economy and moderating inflation. Economists forecast further reductions as the RBNZ seeks economic revival amidst global uncertainties.