The Reserve Bank of New Zealand left its official cash rate unchanged at 2.25% at its February meeting, in line with expectations, keeping borrowing costs at their lowest level since mid-2022. The central bank signaled that policy will remain accommodative for some time, with earlier rate cuts continuing to support the economy’s recovery and gradually absorb spare capacity. While annual inflation is still slightly above the 1–3% target range, underlying price and wage pressures are easing, and inflation is projected to return toward the 2% midpoint over the coming year. Economic momentum has improved, with GDP expanding in recent quarters on firmer export prices, stronger residential and business investment, and better business sentiment, though household spending and labor market conditions remain soft. The Committee described risks to the outlook as broadly balanced and reiterated that future policy moves will be guided by incoming economic and inflation data. source: Reserve Bank of New Zealand

The benchmark interest rate in New Zealand was last recorded at 2.25 percent. Interest Rate in New Zealand averaged 6.59 percent from 1985 until 2026, reaching an all time high of 67.32 percent in March of 1985 and a record low of 0.25 percent in March of 2020. This page provides - New Zealand Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. New Zealand Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2026.

The benchmark interest rate in New Zealand was last recorded at 2.25 percent. Interest Rate in New Zealand is expected to be 2.25 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the New Zealand Interest Rate is projected to trend around 3.50 percent in 2027 and 3.75 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2025-10-08 01:00 AM RBNZ Interest Rate Decision 2.5% 3% 2.75% 2.5%
2025-11-26 01:00 AM RBNZ Interest Rate Decision 2.25% 2.5% 2.25% 2.25%
2026-02-18 01:00 AM RBNZ Interest Rate Decision 2.25% 2.25% 2.25% 2.25%
2026-04-08 02:00 AM RBNZ Interest Rate Decision 2.25%
2026-05-05 09:00 PM RBNZ Financial Stability Report
2026-05-27 02:00 AM RBNZ Interest Rate Decision


Related Last Previous Unit Reference
Banks Balance Sheet 767791.00 766836.00 NZD Million Dec 2025
Central Bank Balance Sheet 73262.00 72216.00 NZD Million Jan 2026
Deposit Interest Rate 4.12 4.09 percent Jan 2026
Foreign Exchange Reserves 51186.00 48654.00 NZD Million Jan 2026
Interbank Rate 2.50 2.50 percent Feb 2026
RBNZ Interest Rate 2.25 2.25 percent Feb 2026
Loans to Private Sector 142679.00 141977.00 NZD Million Dec 2025
Money Supply M0 9889.00 9863.00 NZD Million Jan 2026
Money Supply M1 134663.00 131123.00 NZD Million Dec 2025
Money Supply M3 447880.00 443578.00 NZD Million Dec 2025


New Zealand Interest Rate
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.
Actual Previous Highest Lowest Dates Unit Frequency
2.25 2.25 67.32 0.25 1985 - 2026 percent Daily

News Stream
RBNZ to Add More Policy Meetings in 2027
The Reserve Bank of New Zealand will expand its monetary policy meetings to eight per year starting in 2027, up from the current seven. The adjustment aims to align more closely with major central banks and give policymakers greater agility in responding to shifting economic conditions. Currently, the central bank delivers full Monetary Policy Statements at selected meetings, while others provide shorter updates. The change brings the RBNZ in line with peers such as the Reserve Bank of Australia and the Bank of England, both meeting eight times a year.
2026-02-18
RBNZ Holds Key Rate as Expected
The Reserve Bank of New Zealand left its official cash rate unchanged at 2.25% at its February meeting, in line with expectations, keeping borrowing costs at their lowest level since mid-2022. The central bank signaled that policy will remain accommodative for some time, with earlier rate cuts continuing to support the economy’s recovery and gradually absorb spare capacity. While annual inflation is still slightly above the 1–3% target range, underlying price and wage pressures are easing, and inflation is projected to return toward the 2% midpoint over the coming year. Economic momentum has improved, with GDP expanding in recent quarters on firmer export prices, stronger residential and business investment, and better business sentiment, though household spending and labor market conditions remain soft. The Committee described risks to the outlook as broadly balanced and reiterated that future policy moves will be guided by incoming economic and inflation data.
2026-02-18
RBNZ Cuts Key Rate as Expected
The Reserve Bank of New Zealand lowered its official cash rate by 25 bps to 2.25% at its final meeting of the year, a widely expected move that brought borrowing costs to their lowest level since mid-2022. Policymakers said the decision reflected significant spare capacity in the economy and easing inflation pressures. Annual CPI rose to the top of the 1–3% target band in Q3, but core and non-tradables inflation continue to moderate, supporting expectations for inflation to return to 2% by mid-2026. Economic activity remained weak through mid-2025, with GDP contracting in Q2, though near-term indicators suggest a gradual recovery. The central bank noted balanced risks, cautioning that weak household and business confidence could restrain the recovery, while stronger housing or export-driven demand could keep inflation more persistent. The MPC said future moves depend on the economic and inflation outlook.
2025-11-26