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

The benchmark interest rate in New Zealand was last recorded at 3.25 percent. Interest Rate in New Zealand averaged 7.92 percent from 1985 until 2015, 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.

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New Zealand Interest Rate
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Actual Previous Highest Lowest Dates Unit Frequency
3.25 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 Monday, July 6, 2015.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-04-29 10:00 PM 3.5% 3.5% 3.5% 3.5%
2015-05-12 10:05 PM
2015-06-10 10:00 PM 3.25% 3.5% 3.5% 3.5%
2015-07-22 10:00 PM 3.25% 3.25%
2015-09-09 10:00 PM 3.25%
2015-10-28 08:00 PM 3.25%


New Zealand Cuts Cash Rate to 3.25%


The Reserve Bank of New Zealand reduced the Official Cash Rate (OCR) by 25 basis points to 3.25 percent on June 11th. It is the first cut in more than four years to support income and demand weakened by lower dairy prices and recent rise in petrol cost.

Statement by Reserve Bank Governor Graeme Wheeler:                                                   

Growth in the global economy remains moderate. Data on economic activity in the US, China and Australia has been mixed, although there has been some  improvement in the euro area and Japan. Volatility in financial markets has increased.                                                                      

The New Zealand economy is growing at an annual rate around three percent, supported by low interest rates, high net migration and construction activity, and the decline in fuel prices. However, the fall in export commodity prices that began in mid-2014 is proving more pronounced. The weaker prospects for dairy prices and the recent rises in petrol prices will slow income and demand growth and increase the risk that the return of  inflation to the mid-point would be delayed.                                    

We expect further easing may be appropriate. This will depend on the emerging data.

RBNZ | anna@tradingeconomics.com
6/10/2015 10:43:07 PM


Recent Releases

New Zealand Leaves Rates on Hold
The Reserve Bank of New Zealand left the cash rate on hold at 3.5 percent in April, saying it is watching closely the impact on tradables inflation from global forces and the high New Zealand dollar.
Published on 2015-04-29

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.
Published on 2015-03-11

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


New Zealand Money Last Previous Highest Lowest Unit
Interest Rate 3.25 3.50 67.32 2.50 percent [+]
Interbank Rate 3.77 3.94 24.25 2.70 percent [+]
Money Supply M0 5306.00 5435.00 5744.00 1081.00 NZD Million [+]
Money Supply M1 42016.00 42396.00 42396.00 1585.70 NZD Million [+]
Money Supply M2 136057.00 135425.00 136057.00 19760.00 NZD Million [+]
Money Supply M3 292225.00 290089.00 292225.00 6726.00 NZD Million [+]
Foreign Exchange Reserves 26193.00 23393.00 28237.00 1029.50 NZD Million [+]
Banks Balance Sheet 456841.00 450810.00 456841.00 236047.00 NZD Million [+]
Central Bank Balance Sheet 28299.00 23866.00 33766.00 7116.00 NZD Million [+]
Loans To Private Sector 85627.00 83963.00 85627.00 31241.00 NZD Million [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.00 Jun/15 2.00 17.50 2.00 percent [+]
Brazil 13.75 Jun/15 13.25 45.00 7.25 percent [+]
Canada 0.75 May/15 0.75 16.00 0.25 percent [+]
China 4.85 Jun/15 5.10 10.98 4.85 percent [+]
Euro Area 0.05 Jun/15 0.05 4.75 0.05 percent [+]
France 0.05 Jun/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Jun/15 0.05 4.75 0.05 percent [+]
India 7.25 Jun/15 7.50 14.50 4.25 percent [+]
Indonesia 7.50 Jun/15 7.50 12.75 5.75 percent [+]
Italy 0.05 Jun/15 0.05 4.75 0.05 percent [+]
Japan 0.00 Jun/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Jun/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Jun/15 0.05 4.75 0.05 percent [+]
Russia 11.50 Jun/15 12.50 17.00 5.00 percent [+]
South Korea 1.50 Jun/15 1.75 5.25 1.50 percent [+]
Spain 0.05 Jun/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Jun/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 Jun/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 Jun/15 0.50 17.00 0.50 percent [+]
United States 0.25 Jun/15 0.25 20.00 0.25 percent [+]