New Zealand Interest Rate  1985-2016 | Data | Chart | Calendar | Forecast

The benchmark interest rate in New Zealand was last recorded at 1.75 percent. Interest Rate in New Zealand averaged 7.69 percent from 1985 until 2016, 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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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-08-10 09:00 PM Interest Rate Decision 2% 2.25% 2% 2.0%
2016-09-21 09:00 PM Interest Rate Decision 2% 2% 2% 2%
2016-11-09 08:00 PM Interest Rate Decision 1.75% 2% 1.75% 1.75%
2017-01-27 08:00 PM Interest Rate Decision
2017-02-08 08:00 PM Interest Rate Decision 1.75% 1.75%
2017-03-09 08:00 PM Interest Rate Decision




New Zealand Cuts Key Rate to 1.75%


The Reserve Bank of New Zealand lowered its official cash rate by 25 basis points to a fresh record low of 1.75 percent in November of 2016. The decision was widely expected by markets. Policymakers said the New Zealand dollar is high and inflation remains below the midpoint target of 2 percent.

Statement by Reserve Bank Governor Graeme Wheeler:


Significant surplus capacity exists across the global economy despite improved economic indicators in some countries. Global inflation remains weak even though commodity prices have come off their lows. Political uncertainty remains heightened and market volatility is elevated.

Weak global conditions and low interest rates relative to New Zealand are keeping upward pressure on the New Zealand dollar exchange rate. The exchange rate remains higher than is sustainable for balanced economic growth and, together with low global inflation, continues to generate negative inflation in the tradables sector. A decline in the exchange rate is needed.

Domestic growth is being supported by strong population growth, construction activity, tourism, and accommodative monetary policy. Recent dairy auctions have been positive, but uncertainty remains around future outcomes. High net immigration is supporting growth in labour supply and limiting wage pressure.

House price inflation remains excessive and is posing concerns for financial stability. Although house price inflation has moderated in Auckland, it is uncertain whether this will be sustained given the continuing imbalance between supply and demand.

Headline inflation continues to be held below the target range by ongoing negative tradables inflation. Annual CPI inflation was weak in the September quarter, in part due to lower fuel prices and cuts in ACC levies. Annual inflation is expected to rise from the December quarter, reflecting the policy stimulus to date, the strength of the domestic economy, and reduced drag from tradables inflation.

Monetary policy will continue to be accommodative. Our current projections and assumptions indicate that policy settings, including today’s easing, will see growth strong enough to have inflation settle near the middle of the target range. Numerous uncertainties remain, particularly in respect of the international outlook, and policy may need to adjust accordingly.

RBNZ | Mojdeh Kazemi | mojdeh@tradingeconomics.com
11/10/2016 10:57:00 AM



New Zealand Money Last Previous Highest Lowest Unit
Interest Rate 1.75 2.00 67.32 1.75 percent [+]
Interbank Rate 2.58 2.71 24.25 2.58 percent [+]
Money Supply M0 5661.00 5582.00 6113.00 1081.00 NZD Million [+]
Money Supply M1 46881.00 46530.00 47496.00 1585.70 NZD Million [+]
Money Supply M2 149620.00 150999.00 155766.00 19760.00 NZD Million [+]
Money Supply M3 313698.00 314535.00 316906.00 6726.00 NZD Million [+]
Foreign Exchange Reserves 24463.00 24854.00 28557.00 1029.50 NZD Million [+]
Banks Balance Sheet 505997.00 510566.00 510566.00 236047.00 NZD Million [+]
Deposit Interest Rate 3.80 4.01 16.32 3.80 percent [+]
Central Bank Balance Sheet 25338.00 24911.00 33766.00 7116.00 NZD Million [+]
Loans To Private Sector 91743.00 92113.00 92113.00 31241.00 NZD Million [+]



New Zealand Interest Rate Notes

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 December of 2016.

Actual Previous Highest Lowest Dates Unit Frequency
1.75 2.00 67.32 1.75 1985 - 2016 percent Daily



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Nepal 7.00 Oct/16
South Africa 7.00 Nov/16
Sri Lanka 7.00 Nov/16
Swaziland 7.00 Nov/16
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Rwanda 6.50 Oct/16
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Iceland 5.25 Oct/16
Mexico 5.25 Nov/16
Bosnia and Herzegovina 5.24 Sep/16
Ethiopia 5.00 Oct/16
Guyana 5.00 Sep/16
Jamaica 5.00 Sep/16
Indonesia 4.75 Nov/16
Trinidad and Tobago 4.75 Sep/16
Bahamas 4.50 Sep/16
Laos 4.50 Oct/16
Qatar 4.50 Oct/16
El Salvador 4.48 Jun/16
China 4.35 Nov/16
Peru 4.25 Nov/16
Tunisia 4.25 Oct/16
Algeria 4.00 Oct/16
Iraq 4.00 Oct/16
Macedonia 4.00 Oct/16
Mauritius 4.00 Nov/16
Serbia 4.00 Dec/16
Jordan 3.75 Oct/16
Benin 3.50 Oct/16
Burkina Faso 3.50 Oct/16
Chile 3.50 Nov/16
Guinea Bissau 3.50 Oct/16
Ivory Coast 3.50 Sep/16
Mali 3.50 Sep/16
Niger 3.50 Oct/16
Senegal 3.50 Sep/16
Togo 3.50 Sep/16
Barbados 3.33 Oct/16
Guatemala 3.00 Nov/16
Libya 3.00 Oct/16
Malaysia 3.00 Nov/16
Philippines 3.00 Nov/16
Belize 2.50 Aug/16
Croatia 2.50 Oct/16
Cameroon 2.45 Oct/16
Central African Republic 2.45 Oct/16
Chad 2.45 Oct/16
Equatorial Guinea 2.45 Oct/16
Gabon 2.45 Oct/16
Republic of the Congo 2.45 Oct/16
Cuba 2.25 Nov/16
Kuwait 2.25 Oct/16
Morocco 2.25 Oct/16
Saudi Arabia 2.00 Oct/16
Bolivia 1.96 Sep/16
Costa Rica 1.75 Oct/16
New Zealand 1.75 Nov/16
Romania 1.75 Nov/16
Australia 1.50 Dec/16
Poland 1.50 Dec/16
Thailand 1.50 Nov/16
Cambodia 1.45 Sep/16
Taiwan 1.38 Oct/16
Albania 1.25 Nov/16
South Korea 1.25 Nov/16
United Arab Emirates 1.25 Oct/16
Comoros 1.16 Oct/16
Oman 1.00 Oct/16
Hungary 0.90 Nov/16
Bahrain 0.75 Nov/16
Hong Kong 0.75 Oct/16
Macau 0.75 Oct/16
Panama 0.54 Sep/16
Canada 0.50 Dec/16
Fiji 0.50 Nov/16
Norway 0.50 Oct/16
United States 0.50 Nov/16
New Caledonia 0.25 Oct/16
United Kingdom 0.25 Nov/16
Israel 0.10 Nov/16
Singapore 0.07 Oct/16
Czech Republic 0.05 Nov/16
Austria 0.00 Dec/16
Belgium 0.00 Dec/16
Bulgaria 0.00 Dec/16
Cyprus 0.00 Dec/16
Estonia 0.00 Dec/16
Euro Area 0.00 Dec/16
Finland 0.00 Dec/16
France 0.00 Dec/16
Germany 0.00 Dec/16
Greece 0.00 Dec/16
Ireland 0.00 Dec/16
Italy 0.00 Dec/16
Latvia 0.00 Dec/16
Lithuania 0.00 Dec/16
Luxembourg 0.00 Dec/16
Malta 0.00 Dec/16
Netherlands 0.00 Dec/16
Portugal 0.00 Dec/16
Slovakia 0.00 Dec/16
Slovenia 0.00 Dec/16
Spain 0.00 Dec/16
Japan -0.10 Nov/16
Sweden -0.50 Oct/16
Denmark -0.65 Oct/16
Switzerland -0.75 Oct/16