New Zealand Interest Rate  1985-2018 | Data | Chart | Calendar | Forecast

The Reserve Bank of New Zealand kept its official cash rate unchanged at record low of 1.75 percent on 27 June 2018, as widely expected. The central bank last moved the key rate in November of 2016. Policymakers underscored that the outlook for the economy remains intact and that CPI inflation is likely to increase in the near term due to higher fuel prices. Consumer prices in New Zealand increased 1.1 percent year-on-year in the first three months of 2018 following a 1.6 percent increase in the previous quarter, matching market expectations. It was the slowest inflation since the third quarter of 2016. Interest Rate in New Zealand averaged 7.44 percent from 1985 until 2018, reaching an all time high of 67.32 percent in March of 1985 and a record low of 1.75 percent in November of 2016.

New Zealand Interest Rate
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New Zealand Leaves Interest Rate Unchanged at 1.75%


The Reserve Bank of New Zealand kept its official cash rate unchanged at record low of 1.75 percent on 27 June 2018, as widely expected. The central bank last moved the key rate in November of 2016. Policymakers underscored that the outlook for the economy remains intact and that CPI inflation is likely to increase in the near term due to higher fuel prices. Consumer prices in New Zealand increased 1.1 percent year-on-year in the first three months of 2018 following a 1.6 percent increase in the previous quarter, matching market expectations. It was the slowest inflation since the third quarter of 2016.

Statement by Reserve Bank Governor Adrian Orr:

The Official Cash Rate (OCR) will remain at 1.75 percent for now. However, we are well positioned to manage change in either direction – up or down – as necessary.

Our outlook for the New Zealand economy, as detailed in the May Monetary Policy Statement, remains intact. Employment is around its sustainable level and consumer price inflation remains below the 2 percent mid-point of our target, necessitating continued supportive monetary policy for some time to come.

Global economic growth is expected to support demand for our products and services. Global inflationary pressure is also expected to be higher but remain modest. This outlook has been tempered slightly by trade tensions in some major economies. Ongoing volatility in some emerging market economies continues.

Domestically, ongoing spending and investment, by both households and government, is expected to support growth. However, the recent weaker GDP outturn implies marginally more spare capacity in the economy than we anticipated. The Government’s projected spending impulse is also slightly lower and later than anticipated.

CPI inflation is likely to increase in the near term due to higher fuel prices. Beyond that, inflation is expected to gradually rise to our 2 percent annual target, resulting from capacity pressures.
The best contribution we can make to maximising sustainable employment, and maintaining low and stable inflation, is to ensure the OCR is at an expansionary level for a considerable period.



Mario | mario@tradingeconomics.com
6/27/2018 9:11:30 PM



Calendar GMT Actual Previous Consensus TEForecast
2018-03-21 08:00 PM Interest Rate Decision 1.75% 1.75% 1.75% 1.75%
2018-05-09 09:00 PM Interest Rate Decision 1.75% 1.75% 1.75% 1.75%
2018-06-27 09:00 PM Interest Rate Decision 1.75% 1.75% 1.75% 1.75%
2018-08-08 09:00 PM Interest Rate Decision 1.75% 1.75%
2018-09-26 09:00 PM Interest Rate Decision 1.75%
2018-11-07 08:00 PM Interest Rate Decision 1.75%


New Zealand Money Last Previous Highest Lowest Unit
Interest Rate 1.75 1.75 67.32 1.75 percent [+]
Interbank Rate 2.35 2.40 24.25 2.00 percent [+]
Money Supply M0 6292.00 6409.00 213058.00 1081.00 NZD Million [+]
Money Supply M1 65717.00 67160.00 67160.00 1585.70 NZD Million [+]
Money Supply M3 295316.00 297516.00 297516.00 6726.00 NZD Million [+]
Foreign Exchange Reserves 32240.00 30740.00 32785.00 1029.50 NZD Million [+]
Banks Balance Sheet 532777.00 535201.00 535201.00 236047.00 NZD Million [+]
Deposit Interest Rate 3.20 3.80 16.32 3.20 percent [+]
Loans To Private Sector 108533.00 108390.00 108533.00 34958.00 NZD Million [+]
Central Bank Balance Sheet 32203.00 30420.00 33766.00 7116.00 NZD Million [+]


New Zealand Interest Rate

In New Zealand, interest rates decisions are taken by the Reserve Bank of New Zealand. The official interest rate is the Official Cash Rate (OCR). The OCR was introduced in March 1999 and is reviewed eight times a year by the Bank. The OCR influences the price of borrowing money in New Zealand and provides the Reserve Bank with a means of influencing the level of economic activity and inflation. This page provides - New Zealand Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. New Zealand Interest Rate - actual data, historical chart and calendar of releases - was last updated on July of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
1.75 1.75 67.32 1.75 1985 - 2018 percent Daily




interest rate by Country
Country Last
Turkey 17.75 Jun/18
Mexico 7.75 Jun/18
Russia 7.25 Jun/18
Brazil 6.50 Jun/18
India 6.25 Jun/18
Indonesia 5.25 Jul/18
China 4.35 Jun/18
United States 2.00 Jun/18
Australia 1.50 Jul/18
Canada 1.50 Jul/18
South Korea 1.50 Jul/18
United Kingdom 0.50 Jul/18
Euro Area 0.00 Jun/18
France 0.00 Jun/18
Germany 0.00 Jun/18
Italy 0.00 Jun/18
Netherlands 0.00 Jun/18
Spain 0.00 Jun/18
Japan -0.10 Jun/18
Switzerland -0.75 Jun/18


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