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

The Reserve Bank of New Zealand kept its Official Cash Rate on hold at 2.50 percent at its first policy meeting of the year, as widely expected, saying inflation expectations remain stable. Policymakers, however, continued to show concerns about weaker growth among emerging markets and lower commodities prices while saying the bank was ready to cut its benchmark interest rate during next year if necessary. Interest Rate in New Zealand averaged 7.83 percent from 1985 until 2016, reaching an all time high of 67.32 percent in March of 1985 and a record low of 2.50 percent in April of 2009. Interest Rate in New Zealand is reported by the Reserve Bank of New Zealand.

New Zealand Interest Rate
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Actual Previous Highest Lowest Dates Unit Frequency
2.50 2.50 67.32 2.50 1985 - 2016 percent Daily
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 February of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-10-28 08:00 PM Interest Rate Decision 2.75% 2.75% 2.75% 2.75%
2015-12-09 08:00 PM Interest Rate Decision 2.5% 2.75% 2.5% 2.5%
2016-01-27 08:00 PM Interest Rate Decision 2.5% 2.5% 2.5% 2.5%
2016-03-09 08:00 PM Interest Rate Decision 2.5%
2016-04-27 09:00 PM Interest Rate Decision 2.5%
2016-06-08 09:00 PM Interest Rate Decision 2.5%

New Zealand Leaves Cash Rate Unchanged


The Reserve Bank of New Zealand kept its Official Cash Rate on hold at 2.50 percent at its first policy meeting of the year, as widely expected, saying inflation expectations remain stable. Policymakers, however, continued to show concerns about weaker growth among emerging markets and lower commodities prices while saying the bank was ready to cut its benchmark interest rate during next year if necessary.

Statement by Reserve Bank Governor Graeme Wheeler:

The Reserve Bank today left the Official Cash Rate unchanged at 2.5 percent.

Uncertainty about the strength of the global economy has increased due to weaker growth in the developing world and concerns about China and other emerging markets. Prices for a range of commodities, particularly oil, remain weak. Financial market volatility has increased, and global inflation remains low.

The domestic economy softened during the first half of 2015 driven by the lower terms of trade. However, growth is expected to increase in 2016 as a result of continued strong net immigration, tourism, a solid pipeline of construction activity, and the lift in business and consumer confidence.

In recent weeks there has been some easing in financial conditions, as the New Zealand dollar exchange rate and market interest rates have declined. A further depreciation in the exchange rate is appropriate given the ongoing weakness in export prices.

House price inflation in Auckland remains a financial stability risk. There are signs that the rate of increase may be moderating, but it is too early to tell. House price pressures have been building in some other regions.

There are many risks around the outlook. These relate to the prospects for global growth, particularly around China, global financial market conditions, dairy prices, net immigration, and pressures in the housing market.

Headline CPI inflation remains low, mainly due to falling fuel prices. However, annual core inflation, which excludes temporary price movements, is consistent with the target range at 1.6 percent. Inflation expectations remain stable.

Headline inflation is expected to increase over 2016, but take longer to reach the target range than previously expected. Monetary policy will continue to be accommodative. Some further policy easing may be required over the coming year to ensure that future average inflation settles near the middle of the target range. We will continue to watch closely the emerging flow of economic data.

Reserve Bank New Zealand | Joana Ferreira | joana.ferreira@tradingeconomics.com
1/27/2016 8:21:47 PM

New Zealand Money Last Previous Highest Lowest Unit
Interest Rate 2.50 2.50 67.32 2.50 percent [+]
Interbank Rate 2.87 2.94 24.25 2.70 percent [+]
Money Supply M0 6113.00 5624.00 6113.00 1081.00 NZD Million [+]
Money Supply M1 46111.00 44979.00 46111.00 1585.70 NZD Million [+]
Money Supply M2 150158.00 149820.00 150158.00 19760.00 NZD Million [+]
Money Supply M3 305985.00 303990.00 305985.00 6726.00 NZD Million [+]
Foreign Exchange Reserves 21469.00 24811.00 28237.00 1029.50 NZD Million [+]
Banks Balance Sheet 479408.00 484335.00 484335.00 236047.00 NZD Million [+]
Deposit Interest Rate 4.01 3.83 16.32 3.83 percent [+]
Central Bank Balance Sheet 23563.00 25412.00 33766.00 7116.00 NZD Million [+]
Loans To Private Sector 89441.00 88641.00 89441.00 31241.00 NZD Million [+]




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