New Zealand Interest Rate  1985-2017 | Data | Chart | Calendar | Forecast

The Reserve Bank of New Zealand kept its official cash rate unchanged at record low of 1.75 percent on February 8th, 2017, as widely expected. Policymakers said financial conditions have firmed with long-term interest rates rising and continued upward pressure on the New Zealand dollar exchange rate. The exchange rate remains higher than is sustainable for balanced growth. Inflation has returned to the target band as past declines in oil prices dropped out of the annual calculation, and is expected to return to the midpoint target of 2 percent gradually, reflecting the strength of the domestic economy. Interest Rate in New Zealand averaged 7.67 percent from 1985 until 2017, 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)
2016-09-21 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%
2017-02-08 08:00 PM Interest Rate Decision 1.75% 1.75% 1.75% 1.75%
2017-03-22 08:00 PM Interest Rate Decision 1.75%
2017-05-10 09:00 PM Interest Rate Decision 1.5%
2017-05-30 09:00 PM RBNZ Financial Stability Report




New Zealand Holds Key Rate At 1.75%


The Reserve Bank of New Zealand kept its official cash rate unchanged at record low of 1.75 percent on February 8th, 2017, as widely expected. Policymakers said financial conditions have firmed with long-term interest rates rising and continued upward pressure on the New Zealand dollar exchange rate. The exchange rate remains higher than is sustainable for balanced growth. Inflation has returned to the target band as past declines in oil prices dropped out of the annual calculation, and is expected to return to the midpoint target of 2 percent gradually, reflecting the strength of the domestic economy.

Statement by Reserve Bank Governor Graeme Wheeler:

The recovery in commodity prices and more positive business and consumer sentiment in advanced economies have improved the global outlook.  However, major challenges remain with on-going surplus capacity in the global economy and rising geo-political uncertainty.

Global headline inflation has increased, partly due to rising commodity prices.  Global long-term interest rates have increased.  Monetary policy is expected to remain stimulatory, but less so going forward, particularly in the US.

New Zealand’s financial conditions have firmed with long-term interest rates rising and continued upward pressure on the New Zealand dollar exchange rate.  The exchange rate remains higher than is sustainable for balanced growth and, together with low global inflation, continues to generate negative inflation in the tradables sector.  A decline in the exchange rate is needed.

Economic growth in New Zealand has increased as expected and is steadily drawing on spare resources.  The outlook remains positive, supported by ongoing accommodative monetary policy, strong population growth, increased household spending and rising construction activity. Dairy prices have recovered in recent months but uncertainty remains around future outcomes.

Recent moderation in house price inflation is welcome, and in part reflects loan-to-value ratio restrictions and higher mortgage rates.  It is uncertain whether this moderation will be sustained given the continued imbalance between supply and demand.

Headline inflation has returned to the target band as past declines in oil prices dropped out of the annual calculation.  Inflation is expected to return to the
midpoint of the target band gradually, reflecting the strength of the domestic economy and despite persistent negative tradables inflation.  Longer-term inflation expectations remain well-anchored at around 2 percent.

Monetary policy will remain accommodative for a considerable period.  Numerous uncertainties remain, particularly in respect of the international outlook, and policy may need to adjust accordingly.

RBNZ | Yekaterina Guchshina | yekaterina@tradingeconomics.com
2/8/2017 8:11:31 PM



New Zealand Money Last Previous Highest Lowest Unit
Interest Rate 1.75 1.75 67.32 1.75 percent [+]
Interbank Rate 2.39 2.65 24.25 2.39 percent [+]
Money Supply M0 6298.00 5873.00 6298.00 1081.00 NZD Million [+]
Money Supply M1 50527.00 48946.00 50527.00 1585.70 NZD Million [+]
Money Supply M2 153357.00 153140.00 155766.00 19760.00 NZD Million [+]
Money Supply M3 325467.00 322011.00 325467.00 6726.00 NZD Million [+]
Foreign Exchange Reserves 25557.00 23585.00 28557.00 1029.50 NZD Million [+]
Banks Balance Sheet 510565.00 505968.00 510566.00 236047.00 NZD Million [+]
Deposit Interest Rate 3.80 4.01 16.32 3.80 percent [+]
Central Bank Balance Sheet 26212.00 26419.00 33766.00 7116.00 NZD Million [+]
Loans To Private Sector 94779.00 95875.00 95875.00 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 February of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
1.75 1.75 67.32 1.75 1985 - 2017 percent Daily



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