New Zealand credit card billings fall in March-RBNZ
Published: 22 Apr 2009 19:13:20 PSTWELLINGTON, April 23 - Credit card billings in New Zealand fell sharply in March amid declining confidence and a deepening recession, central bank data showed on Thursday, backing expectations for further interest rate cuts.
The Reserve Bank of New Zealand said total billings fell a seasonally adjusted 3.1 percent last month, compared with a revised 0.6 percent rise in February.
It was the first decline in three months. Billings were 5 percent lower than a year earlier, after a 2 percent fall in the year to February.
Earlier this month, data showed a second consecutive month's growth in electronic card retail sales in March.
However, other data has shown declining business confidence and forecasts that New Zealand will remain in recession through 2009.
The central bank is expected to cut its cash rate by 50 basis points to a record low 2.5 percent at its policy review next week.
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