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

The central bank of New Zealand kept benchmark interest rate unchanged at 2.25 percent at its April 27th meeting, as widely expected. Policymakers remained concerned over uncertainties around the global growth and financial markets outlook, weakness in the dairy sector, the decline in inflation expectations, the possibility of continued high net immigration, and pressures in the housing market. Further policy easing may be required to ensure that future average inflation settles near the middle of the target range. Interest Rate in New Zealand averaged 7.80 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.

New Zealand Interest Rate
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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 May of 2016.


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

New Zealand Holds Key Rate at 2.25%


The central bank of New Zealand kept benchmark interest rate unchanged at 2.25 percent at its April 27th meeting, as widely expected. Policymakers remained concerned over uncertainties around the global growth and financial markets outlook, weakness in the dairy sector, the decline in inflation expectations, the possibility of continued high net immigration, and pressures in the housing market. Further policy easing may be required to ensure that future average inflation settles near the middle of the target range.

Statement by Reserve Bank Governor Graeme Wheeler:

The outlook for global growth has deteriorated over recent months due to weaker growth in China and other emerging markets. Prices for some commodities, including oil, have picked up but remain weak.

Monetary conditions are extremely accommodative internationally, with considerable quantitative easing and negative policy rates in some countries. Financial market volatility has eased in recent weeks, but markets continue to watch closely the policy settings of major central banks.

Domestically, the economy is being supported by strong inward migration, construction activity, tourism, and accommodative monetary policy. Dairy export prices have improved slightly, but are below break-even levels for most farmers.

The exchange rate remains higher than appropriate given New Zealand’s low commodity export prices. A lower New Zealand dollar is desirable to boost tradables inflation and assist the tradables sector.

There are some indications that house price inflation in Auckland may be picking up. House prices remain at very high levels and additional housing supply is needed. Housing market pressures are building in some other regions.

There are many uncertainties around the outlook. Internationally, these relate to the prospects for global growth, particularly around China, and the outlook for global financial markets. The main domestic risks relate to weakness in the dairy sector, the decline in inflation expectations, the possibility of continued high net immigration, and pressures in the housing market.

Headline inflation remains low, mostly due to low fuel and other import prices. Annual core inflation remains within the target range. Long-term inflation expectations are well-anchored at 2 percent. However, as we have previously noted, there has been a material decline in shorter-term expectations.

We expect inflation to strengthen as the effects of low oil prices drop out and as capacity pressures gradually build. 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 | Yekaterina Guchshina | yekaterina@tradingeconomics.com
4/27/2016 10:18:02 PM

New Zealand Money Last Previous Highest Lowest Unit
Interest Rate 2.25 2.25 67.32 2.25 percent [+]
Interbank Rate 2.69 2.62 24.25 2.62 percent [+]
Money Supply M0 5826.00 5706.00 6113.00 1081.00 NZD Million [+]
Money Supply M1 46929.00 44135.00 46929.00 1585.70 NZD Million [+]
Money Supply M2 153852.00 149763.00 153852.00 19760.00 NZD Million [+]
Money Supply M3 312606.00 308619.00 312606.00 6726.00 NZD Million [+]
Foreign Exchange Reserves 24258.00 25226.00 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 25081.00 25336.00 33766.00 7116.00 NZD Million [+]
Loans To Private Sector 90116.00 89246.00 90116.00 31241.00 NZD Million [+]




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