New Zealand Interest Rate 1985-2015 | Data | Chart | Calendar | Forecast

The benchmark interest rate in New Zealand was last recorded at 3.50 percent. Interest Rate in New Zealand averaged 7.97 percent from 1985 until 2014, 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.

      Forecast    
New Zealand Interest Rate


Actual Previous Highest Lowest Dates Unit Frequency
3.50 3.50 67.32 2.50 1985 - 2015 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. Content for - New Zealand Interest Rate - was last refreshed on Tuesday, March 31, 2015.


New Zealand Leaves Monetary Policy Unchanged


The Reserve Bank of New Zealand left the official cash rate unchanged at 3.5 percent on March 11th as widely expected.

Excerpts from the statement by Reserve Bank Governor Graeme Wheeler:

The domestic economy remains strong. The fall in petrol prices has increased households’ purchasing power and lowered the cost of doing business. Employment and construction activity are strong. Net immigration remains high, and monetary policy continues to be supportive. The housing market is showing signs of picking up, particularly in Auckland. However, there are a number of factors weighing on domestic growth, including drought conditions in parts of the country, fiscal consolidation, reduced dairy incomes, and the high exchange rate.

On a trade-weighted basis, the New Zealand dollar remains unjustifiably high and unsustainable in terms of New Zealand’s long-term economic fundamentals. A substantial downward correction in the real exchange rate is needed to put New Zealand’s external accounts on a more sustainable footing.

Annual CPI inflation is expected to fall to around zero in the March quarter and remain low over 2015, reflecting the high exchange rate, low global inflation, and the recent falls in petrol prices. Inflation expectations appear to have fallen recently, and we will be closely monitoring the impact of this trend on wage and price setting behaviour, especially in the non-traded sector.

Monetary policy remains focused on ensuring inflation settles at 2 percent over the medium term. As the economy expands, inflation returns gradually towards the midpoint of the target range.

Our central projection is consistent with a period of stability in the OCR. However, future interest rate adjustments, either up or down, will depend on the emerging flow of economic data.

RBNZ | Joana Taborda | joana.taborda@tradingeconomics.com
3/11/2015 8:09:00 PM


Recent Releases

RBNZ Keeps Interest Rate Unchanged at 3.5%
The Reserve Bank of New Zealand left the official cash rate unchanged at 3.5 percent on January 28th. Published on 2015-01-28

New Zealand Leaves Monetary Policy Unchanged
The Reserve Bank of New Zealand left the official cash rate on hold at 3.5 percent at its December 10th meeting, as widely expected, citing softer growth, low inflation pressures and global uncertainty. Yet, policymakers said that further rate hikes would be needed at a later stage. Published on 2014-12-10


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-12-10 08:00 PM
Interest Rate Decision 
3.5% 3.5% 3.5% 3.5%
2015-01-28 08:00 PM
Interest Rate Decision 
3.5% 3.5% 3.5% 3.5%
2015-03-11 08:00 PM
Interest Rate Decision 
3.5% 3.5% 3.5% 3.5%
2015-04-29 10:00 PM
Interest Rate Decision 
3.5% 3.25%
2015-06-10 10:00 PM
Interest Rate Decision 
3.5%
2015-07-22 10:00 PM
Interest Rate Decision 
3.25%


New Zealand Money Last Previous Highest Lowest Unit
Interest Rate 3.50 3.50 67.32 2.50 percent [+]
Interbank Rate 3.91 3.89 24.25 2.70 percent [+]
Money Supply M0 5325.00 5744.00 5744.00 1081.00 NZD Million [+]
Money Supply M1 39509.00 42359.00 42359.00 1585.70 NZD Million [+]
Money Supply M2 131590.00 131431.00 131650.00 19760.00 NZD Million [+]
Money Supply M3 283745.00 283086.00 283745.00 6726.00 NZD Million [+]
Foreign Exchange Reserves 25287.00 20259.00 28237.00 1029.50 NZD Million [+]
Banks Balance Sheet 444665.00 455221.00 455221.00 236047.00 NZD Million [+]
Central Bank Balance Sheet 27365.00 28694.00 33766.00 7116.00 NZD Million [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.25 Mar/15 2.25 17.50 2.25 percent [+]
Brazil 12.75 Mar/15 12.25 45.00 7.25 percent [+]
Canada 0.75 Mar/15 0.75 16.00 0.25 percent [+]
China 5.35 Mar/15 5.60 10.98 5.31 percent [+]
Euro Area 0.05 Mar/15 0.05 4.75 0.05 percent [+]
France 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Mar/15 0.05 4.75 0.05 percent [+]
India 7.50 Mar/15 7.75 14.50 4.25 percent [+]
Indonesia 7.50 Mar/15 7.50 12.75 5.75 percent [+]
Italy 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Japan 0.00 Mar/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Mar/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Russia 14.00 Mar/15 15.00 17.00 5.00 percent [+]
South Korea 1.75 Mar/15 2.00 5.25 1.75 percent [+]
Spain 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Mar/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 Mar/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 Mar/15 0.50 17.00 0.50 percent [+]
United States 0.25 Mar/15 0.25 20.00 0.25 percent [+]