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Central Banks Caught Between Commodities Slump and Fed Hike

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The central banks of New Zealand and South Africa, both commodity-producing countries, oversee economies under pressure from the weakest raw-material prices in 13 years.

The similarity ends there. Milk exporter New Zealand cut interest rates on Thursday for the second time in six weeks and Governor Graeme Wheeler signaled more easing to come. Metals-rich South Africa raised its benchmark.