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

The Reserve Bank of New Zealand left its official cash rate steady at 2 percent at its September 2016 meeting. Policymakers said the New Zealand dollar is high and inflation remains below target so further policy easing will be required. The decision was widely expected by markets and follows a 25bps cut in August. Interest Rate in New Zealand averaged 7.73 percent from 1985 until 2016, reaching an all time high of 67.32 percent in March of 1985 and a record low of 2 percent in August of 2016. Interest Rate in New Zealand is reported by the Reserve Bank of New Zealand.

New Zealand Interest Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
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% 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 2% 1.75%
2017-02-08 08:00 PM Interest Rate Decision 1.75%
2017-03-22 08:00 PM Interest Rate Decision 1.75%

New Zealand Leaves Key Rate Unchanged at 2%

The Reserve Bank of New Zealand left its official cash rate steady at 2 percent at its September 2016 meeting. Policymakers said the New Zealand dollar is high and inflation remains below target so further policy easing will be required. The decision was widely expected by markets and follows a 25bps cut in August.

Statement by Reserve Bank Governor Graeme Wheeler:
Global growth is below trend despite being supported by unprecedented levels of monetary stimulus. Significant surplus capacity remains across many economies and, along with low commodity prices, is suppressing global inflation. Volatility in global markets has increased in recent weeks, with government bond yields rising and equities coming off their highs. The prospects for global growth and commodity prices remain uncertain. Political uncertainty remains.
Weak global conditions and low interest rates relative to New Zealand are placing upward pressure on the New Zealand dollar exchange rate. The trade-weighted exchange rate is higher than assumed in the August Statement. Although this may partly reflect improved export prices, the high exchange rate continues to place pressure on the export and import-competing sectors and, together with low global inflation, is causing negative inflation in the tradables sector. A decline in the exchange rate is needed.
Second quarter GDP results were consistent with the Bank’s growth expectations. Domestic growth is expected to remain supported by strong net immigration, construction activity, tourism, and accommodative monetary policy. While dairy prices have firmed since early August, the outlook for the full season remains very uncertain. High net immigration is supporting strong growth in labour supply and limiting wage pressure.
House price inflation remains excessive, posing concerns for financial stability. There are indications that recent macro-prudential measures and tighter credit conditions in recent weeks are having a moderating influence.
Headline inflation is being held below the target band by continuing negative tradables inflation. Annual CPI inflation is expected to weaken in the September quarter, reflecting 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, reduced drag from tradables inflation, and rising non-tradables inflation. Although long-term inflation expectations are well-anchored at 2 percent, the sustained weakness in headline inflation risks further declines in inflation expectations.
Monetary policy will continue to be accommodative. Our current projections and assumptions indicate that further policy easing will be required to ensure that future inflation settles near the middle of the target range. We will continue to watch closely the emerging economic data.

RBNZ | Joana Taborda |
9/21/2016 9:10:43 PM

New Zealand Money Last Previous Highest Lowest Unit
Interest Rate 2.00 2.00 67.32 2.00 percent [+]
Interbank Rate 2.71 2.65 24.25 2.62 percent [+]
Money Supply M0 5582.00 5601.00 6113.00 1081.00 NZD Million [+]
Money Supply M1 46530.00 47496.00 47496.00 1585.70 NZD Million [+]
Money Supply M2 150999.00 153456.00 155766.00 19760.00 NZD Million [+]
Money Supply M3 314535.00 316906.00 316906.00 6726.00 NZD Million [+]
Foreign Exchange Reserves 24854.00 23317.00 28557.00 1029.50 NZD Million [+]
Banks Balance Sheet 509468.00 504602.00 509468.00 236047.00 NZD Million [+]
Deposit Interest Rate 3.80 4.01 16.32 3.80 percent [+]
Central Bank Balance Sheet 24911.00 27261.00 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 October of 2016.

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

Malawi 27.00 Sep/16
Argentina 26.75 Oct/16
Ghana 26.00 Sep/16
Mozambique 23.25 Oct/16
Gambia 23.00 Aug/16
Venezuela 21.99 Aug/16
Haiti 20.00 Sep/16
Iran 20.00 Dec/16
Belarus 18.00 Sep/16
Angola 16.00 Sep/16
Zambia 15.50 Sep/16
Afghanistan 15.00 Sep/16
Azerbaijan 15.00 Sep/16
Mongolia 15.00 Sep/16
Ukraine 15.00 Sep/16
Yemen 15.00 Sep/16
Sudan 14.20 Apr/16
Brazil 14.00 Oct/16
Nigeria 14.00 Sep/16
Uganda 14.00 Sep/16
Liberia 13.57 Jun/16
Djibouti 12.70 Dec/14
Guinea 12.50 Sep/16
Kazakhstan 12.50 Oct/16
Suriname 12.50 Dec/15
Seychelles 12.34 Aug/16
Tanzania 12.00 Sep/16
Egypt 11.75 Sep/16
Tajikistan 11.00 Sep/16
Zimbabwe 10.69 Jul/16
Sierra Leone 10.50 Sep/16
Kenya 10.00 Sep/16
Lebanon 10.00 Sep/16
Myanmar 10.00 Sep/16
Russia 10.00 Sep/16
Sao Tome and Principe 10.00 Sep/16
Moldova 9.50 Sep/16
Uruguay 9.25 Sep/16
Mauritania 9.00 Sep/16
Uzbekistan 9.00 Sep/16
Burundi 8.89 Sep/16
Ecuador 8.78 Sep/16
Madagascar 8.30 Sep/16
Colombia 7.75 Sep/16
Cape Verde 7.50 Sep/16
Turkey 7.50 Oct/16
Congo 7.00 Sep/16
Maldives 7.00 Sep/16
Namibia 7.00 Oct/16
Nepal 7.00 Sep/16
South Africa 7.00 Sep/16
Sri Lanka 7.00 Sep/16
Swaziland 7.00 Sep/16
Armenia 6.75 Sep/16
Bangladesh 6.75 Sep/16
Lesotho 6.69 Jun/16
Georgia 6.50 Sep/16
Rwanda 6.50 Sep/16
Vietnam 6.50 Sep/16
India 6.25 Oct/16
Papua New Guinea 6.25 Oct/16
Bhutan 6.00 Sep/16
Kyrgyzstan 6.00 Sep/16
Pakistan 5.75 Sep/16
Botswana 5.50 Oct/16
Brunei 5.50 Sep/16
Honduras 5.50 Sep/16
Paraguay 5.50 Oct/16
Iceland 5.25 Oct/16
Bosnia and Herzegovina 5.20 Aug/16
Dominican Republic 5.00 Oct/16
Ethiopia 5.00 Sep/16
Guyana 5.00 Sep/16
Jamaica 5.00 Sep/16
Indonesia 4.75 Oct/16
Mexico 4.75 Sep/16
Trinidad and Tobago 4.75 Sep/16
Bahamas 4.50 Aug/16
Laos 4.50 Sep/16
Qatar 4.50 Sep/16
El Salvador 4.48 Jun/16
China 4.35 Sep/16
Peru 4.25 Oct/16
Tunisia 4.25 Sep/16
Algeria 4.00 Sep/16
Iraq 4.00 Sep/16
Macedonia 4.00 Sep/16
Mauritius 4.00 Sep/16
Serbia 4.00 Oct/16
Jordan 3.75 Sep/16
Benin 3.50 Sep/16
Burkina Faso 3.50 Sep/16
Chile 3.50 Oct/16
Guinea Bissau 3.50 Sep/16
Ivory Coast 3.50 Sep/16
Mali 3.50 Sep/16
Niger 3.50 Sep/16
Senegal 3.50 Sep/16
Togo 3.50 Sep/16
Barbados 3.13 Sep/16
Guatemala 3.00 Sep/16
Libya 3.00 Sep/16
Malaysia 3.00 Sep/16
Philippines 3.00 Sep/16
Belize 2.50 Aug/16
Croatia 2.50 Aug/16
Cameroon 2.45 Sep/16
Central African Republic 2.45 Sep/16
Chad 2.45 Sep/16
Equatorial Guinea 2.45 Sep/16
Gabon 2.45 Sep/16
Republic of the Congo 2.45 Sep/16
Cuba 2.25 Sep/16
Kuwait 2.25 Sep/16
Morocco 2.25 Sep/16
Bolivia 2.10 Aug/16
New Zealand 2.00 Sep/16
Saudi Arabia 2.00 Sep/16
Costa Rica 1.75 Sep/16
Romania 1.75 Sep/16
Australia 1.50 Oct/16
Poland 1.50 Oct/16
Thailand 1.50 Sep/16
Cambodia 1.45 Aug/16
Taiwan 1.38 Sep/16
Albania 1.25 Oct/16
South Korea 1.25 Oct/16
United Arab Emirates 1.25 Sep/16
Comoros 1.16 Sep/16
Oman 1.00 Sep/16
Hungary 0.90 Oct/16
Bahrain 0.75 Sep/16
Hong Kong 0.75 Sep/16
Macau 0.75 Sep/16
Canada 0.50 Oct/16
Fiji 0.50 Sep/16
Norway 0.50 Sep/16
United States 0.50 Sep/16
Panama 0.47 Jul/16
New Caledonia 0.25 Sep/16
United Kingdom 0.25 Sep/16
Singapore 0.12 Sep/16
Israel 0.10 Sep/16
Czech Republic 0.05 Sep/16
Austria 0.00 Oct/16
Belgium 0.00 Oct/16
Bulgaria 0.00 Sep/16
Cyprus 0.00 Oct/16
Estonia 0.00 Oct/16
Euro Area 0.00 Oct/16
Finland 0.00 Oct/16
France 0.00 Oct/16
Germany 0.00 Oct/16
Greece 0.00 Oct/16
Ireland 0.00 Oct/16
Italy 0.00 Oct/16
Latvia 0.00 Oct/16
Lithuania 0.00 Oct/16
Luxembourg 0.00 Oct/16
Malta 0.00 Oct/16
Netherlands 0.00 Oct/16
Portugal 0.00 Oct/16
Slovakia 0.00 Oct/16
Slovenia 0.00 Oct/16
Spain 0.00 Oct/16
Japan -0.10 Sep/16
Sweden -0.50 Sep/16
Denmark -0.65 Sep/16
Switzerland -0.75 Sep/16