The Reserve Bank of New Zealand decided to lower the key interest rate by 0.25% to 2.00%. It is worth mentioning that earlier the Reserve Bank of Australia also lowered the interest rate. The reason for such steps was a slowdown in the world economy, the negative situation on the commodity markets, as well as low inflation. It is worth noting that a number of experts had expected a rate cut by 0.50%, but the country's central bank decided to conduct moderate softening due to rising prices in the housing market in New Zealand, which creates risks for the financial system. According to our estimates, the New Zealand regulator may continue easing monetary policy, which will lead to the fall of the local currency. Our medium-term outlook remains negative with a potential reduction by 5-7% in the near future.