Over the past 12 months, the Reserve Bank has gradually lowered the Official Cash Rate (OCR) from 5.50% to 3.25%. While that’s a solid drop, the pace of cuts has been cautious. With inflation falling and economic pressures mounting, many are asking: Why has the RBNZ been so cautious on rate cuts? Part of the answer may lie in a quiet but significant change made late last year. Here’s the full story.