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.

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New Zealand Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.25 0.25 67.32 0.25 1985 - 2021 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-11-11 01:00 AM Interest Rate Decision 0.25% 0.25% 0.25% 0.25%
2021-02-24 01:00 AM Interest Rate Decision 0.25% 0.25% 0.25% 0.25%
2021-04-14 02:00 AM Interest Rate Decision 0.25% 0.25% 0.25% 0.25%
2021-05-26 02:00 AM Interest Rate Decision 0.25% 0.25% 0.25% 0.25%
2021-07-14 02:00 AM Interest Rate Decision 0.25% 0.25%
2021-08-18 02:00 AM Interest Rate Decision 0.25%
2021-08-18 03:00 AM RBNZ Press Conference
2021-10-06 01:00 AM Interest Rate Decision 0.25%


News Stream
New Zealand Holds Rates, Signals Rate Hike in 2022
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.
2021-05-26
New Zealand Holds Rates
The Reserve Bank of New Zealand held its official cash rate (0CR) at a record low of 0.25 percent during its April meeting and left the Large Scale Asset Purchase (LSAP) Programme of up to $100 billion and the Funding for Lending Programme (FLP) operation unchanged. Policymakers said they would not remove monetary stimulus until they had confidence that it is sustainably achieving the consumer price inflation and employment objectives. Given that uncertainty remains elevated, gaining this confidence is expected to take considerable time. While doing so, the committee agreed to look through any temporary factors driving prices as required by the remit and noted that there will be periods during which inflation will be above the 2 percent target per annum. midpoint. The committee also agreed that it was prepared to lower the OCR if required.
2021-04-14
RBNZ Holds Rates, Sees Prolonged Monetary Stimulus as Necessary
The Reserve Bank of New Zealand held its official cash rate at a record low of 0.25 percent during its February meeting, and left the Large Scale Asset Purchase (LSAP) Programme of up to $100 billion and the Funding for Lending Programme (FLP) operation unchanged. Policymakers agreed that the current levels of monetary stimulus were needed to meet the bank's consumer price inflation and employment targets over the medium term, as the domestic economic outlook remains highly uncertain due to the ongoing pandemic crisis. This uncertainty is expected to constrain investment and household spending growth. Looking ahead, the Committee reiterated that it remains prepared to provide more monetary stimulus if necessary and noted that the operational work to enable the OCR to be taken negative if required is now completed.
2021-02-24
Monetary Policy to Remain Stimulatory: RBNZ
Monetary policy in New Zealand will remain stimulatory for a long time to meet the consumer price inflation and employment remit, the country's central bank said in a briefing. It added that negative rates in the country are still under consideration while banks were on track to be operationally ready for such a scenario by year-end. The Reserve Bank of New Zealand governor Adrian Orr said policymakers expect the economy to fall into recession early next year, adding that they would provide additional stimulus through a new funding-for-lending programme to help ease funding costs for banks, starting from December. In a statement, the central bank said it had delayed the start of increases in bank capital requirements until 2022. It added that it would consult next month on whether to reintroduce limits on the amount of “high-risk lending” banks can make, amid growing concerns of a housing bubble in the country.
2020-11-11

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.