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New Zealand's central bank tells banks to not pay dividends, redeem capital notes

April 2 (Reuters) - New Zealand's central bank said on Thursday that all banks should not pay dividends or redeem capital notes given the widespread economic uncertainty caused by the coronavirus pandemic.

The local unit of Australia and New Zealand Banking Group said it will not redeem NZ$500 million ($295.80 million) in capital notes as per the Reserve Bank of New Zealand's directive.

($1 = 1.6903 New Zealand dollars) (Reporting by Nikhil Kurian Nainan in Bengaluru Editing by Chris Reese)