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

The Reserve Bank of New Zealand left its official cash rate on hold at 2.25 percent for the second straight meeting in June, saying short-term inflation expectations have stabilised due to modest recovery in commodity prices. Policymakers, however, continued to show concerns over weak global growth while saying further policy easing may be required to bring inflation back to target. Interest Rate in New Zealand averaged 7.76 percent from 1985 until 2016, reaching an all time high of 67.32 percent in March of 1985 and a record low of 2.25 percent in March of 2016. Interest Rate in New Zealand is reported by the Reserve Bank of New Zealand.

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Actual Previous Highest Lowest Dates Unit Frequency
2.25 2.25 67.32 2.25 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 June of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-03-09 08:00 PM Interest Rate Decision 2.25% 2.5% 2.5% 2.5%
2016-04-27 09:00 PM Interest Rate Decision 2.25% 2.25% 2.25% 2.25%
2016-06-08 09:00 PM Interest Rate Decision 2.25% 2.25% 2.25% 2.25%
2016-08-10 09:00 PM Interest Rate Decision 2.25% 2.25%
2016-09-21 09:00 PM Interest Rate Decision 2.25%
2016-10-09 08:00 PM Interest Rate Decision 2.0%

New Zealand Keeps Cash Rate Unchanged at 2.25%


The Reserve Bank of New Zealand left its official cash rate on hold at 2.25 percent for the second straight meeting in June, saying short-term inflation expectations have stabilised due to modest recovery in commodity prices. Policymakers, however, continued to show concerns over weak global growth while saying further policy easing may be required to bring inflation back to target.

Statement by Reserve Bank Governor Graeme Wheeler:

Global financial market volatility has abated and the outlook for global growth appears to have stabilised after being revised down successively over recent quarters. There has been a modest recovery in commodity prices in recent months. However, the global economy remains weak despite very stimulatory monetary policy and significant downside risks remain.

Domestic activity continues to be supported by strong net immigration, construction, tourism and accommodative monetary policy. The dairy sector remains a moderating influence with export prices below break-even levels for most farmers.

The exchange rate is higher than appropriate given New Zealand’s low export commodity prices. Together with weak overseas inflation, this is holding down tradables inflation. A lower New Zealand dollar would raise tradables inflation and assist the tradables sector.

House price inflation in Auckland and other regions is adding to financial stability concerns. Auckland house prices in particular are at very high levels, and additional housing supply is needed.

There continue to be many uncertainties around the outlook. Internationally, these relate to the prospects for global growth and commodity prices, the outlook for global financial markets, and political risks. Domestically, the main uncertainties relate to inflation expectations, the possibility of continued high net immigration, and pressures in the housing market.

Headline inflation is low, mostly due to low fuel and other import prices. Long-term inflation expectations are well-anchored at 2 percent. After falling in recent quarters, short-term inflation expectations appear to have stabilised.

We expect inflation to strengthen reflecting the accommodative stance of monetary policy, increases in fuel and other commodity prices, an expected depreciation in the New Zealand dollar and some increase in capacity pressures.

Monetary policy will continue to be accommodative. Further policy easing may be required 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
6/9/2016 12:14:15 AM

New Zealand Money Last Previous Highest Lowest Unit
Interest Rate 2.25 2.25 67.32 2.25 percent [+]
Interbank Rate 2.69 2.69 24.25 2.62 percent [+]
Money Supply M0 5703.00 5826.00 6113.00 1081.00 NZD Million [+]
Money Supply M1 47192.00 46929.00 47192.00 1585.70 NZD Million [+]
Money Supply M2 155766.00 153852.00 155766.00 19760.00 NZD Million [+]
Money Supply M3 315150.00 312606.00 315150.00 6726.00 NZD Million [+]
Foreign Exchange Reserves 25426.00 24258.00 28237.00 1029.50 NZD Million [+]
Banks Balance Sheet 499454.00 493837.00 499454.00 236047.00 NZD Million [+]
Deposit Interest Rate 3.80 4.01 16.32 3.80 percent [+]
Central Bank Balance Sheet 28910.00 25081.00 33766.00 7116.00 NZD Million [+]
Loans To Private Sector 91337.00 90838.00 91337.00 31241.00 NZD Million [+]




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