The Reserve Bank of New Zealand is expected to cut the key rate by 25 basis points to 3.5% on April 9, according to economists polled by Reuters.

All 31 economists favor the rate cut, including the country's largest banks, namely ANZ Group Holdings (ASX:ANZ, NZE:ANZ), ASB, BNZ, Kiwibank, and Westpac (ASX:WBC, NZE:WBC), per the report published Friday.

This would be the Reserve Bank's fifth consecutive rate cut. Nearly 90% of the economists expect another 25-basis-point cut in May, according to the report.

ANZ Group's shares fell 3% in New Zealand in recent Friday trade, while its Autralian shares shed 2%. Westpac's Kiwi shares were down about 3%, while its Australian shares slid 2%.