The Reserve Bank of New Zealand held its official cash rate (0CR) at a record low of 0.25 percent during its May meeting, but projected a 25 basis points rate hike to 0.5 percent by September 2022 and estimated the OCR would reach 1.5 percent by the end of 2023. The board, however, mentioned that it was in no hurry to raise rates until its inflation and employment targets are met, highlighting that domestic economic recovery from the COVID-19 was still uneven. Policymakers added that they were aware of price pressures due to disruptions to global raw material supplies, and higher oil prices. That said, the committee viewed them as temporary and was expected to abate over the year. The board maintained the Large Scale Asset Purchase (LSAP) Programme of up to $100 billion and the Funding for Lending Programme (FLP) operation unchanged. source: Reserve Bank of New Zealand
Interest Rate in New Zealand averaged 6.96 percent from 1985 until 2021, reaching an all time high of 67.32 percent in March of 1985 and a record low of 0.25 percent in March of 2020. This page provides - New Zealand Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. New Zealand Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2021.
Interest Rate in New Zealand is expected to be 0.25 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in New Zealand to stand at 0.25 in 12 months time. In the long-term, the New Zealand Interest Rate is projected to trend around 0.75 percent in 2022 and 1.50 percent in 2023, according to our econometric models.