New Zealand's central bank slashed its base rate 0.75 points to a record low of 0.25 percent in a surprise move Monday it said was aimed at countering the economic impact of coronavirus. The official cash rate was already at an all-time low of 1.0 percent and the Reserve Bank of New Zealand was not scheduled to make any monetary policy announcement until March 25. Instead, it announced the move before markets opened Monday and said the emergency measure would remain in place for at least 12 months. It said the bank's monetary policy committee held an extraordinary meeting Sunday to discuss "the rapidly deteriorating economic situation relating to COVID-19". "It was agreed that the government and the Reserve Bank of New Zealand had a vital role to play in cushioning the economic impact through fiscal, monetary and financial stability measures," it said in a statement. The bank warned "the negative impact on the New Zealand economy is, and will continue to be, significant," pointing to curtailed global trade, travel and consumer spending. New Zealand currently has eight confirmed coronavirus cases and no fatalities, with the government over the weekend ordering all international arrivals to self isolate in a bid to slow its spread. The government is due to announce an economic stimulus package on Tuesday. ns/bgs