The Reserve Bank of New Zealand have cut the country's official interest rate to the record low of 2.5 percent in response to the global economic crisis. The new rate is a drop of 50 basis points from the last rate announcement. "We consider it appropriate to provide further policy stimulus to the economy," said Reserve Bank governor Alan Bollard. Bollard added that he did not anticipate raising the rate again until late 2010, in keeping with low economic activity: "We expect to keep the OCR [official cash rate] at or below the current level through until the latter part of 2010." An official cash rate was introduced in New Zealand in 1999. This announcement marks the lowest interest rate since OCR began.