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What is the meaning of in cuts in the following sentence?

“However, I have been in a minority in the MPC. Inflation has now been above the upper band of 6% for a number of months. Notwithstanding large rate cuts to spur growth over the last year and a half, growth has steadily declined despite 250 bps in cuts since February 2019,” Mr. Ghate said.

I looked up its meaning but didn't find anything relevant.

To read the full article, see Monetary arsenal must be kept dry for use: Das.

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A cut means that something is reduced. In this case, it was the policy rate, as described earlier:

“We should wait for some more time” for the cumulative 250 basis points reduction in policy rate since February 2019 to seep into the financial system, he added.

The grammar of "250 bps in cuts" is the same grammar as "$2.50 in change". The word "in" means the same thing as "in the form of".

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“250 bps in cuts” means the same as “250 bps of cuts” or “cuts of 250 bps”.

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