The Reserve Bank of New Zealand will announce any monetary policy change at 20:00 GMT as is widely expected to cut rates by 100 bps in a "catch-up" play to the RBA, which cut by 100 bps on Oct 7. After raising rates steadily in 2007, the RBNZ was on hold for the bulk of 2008. Then in July, the central bank was one of the first global central banks to start easing again (RNBZ cut by 25bps). The July cut was followed by another 50 bp cut in Sept, which brought the OCR down to its current level of 7.50%.