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

The Reserve Bank of New Zealand left its official cash rate on hold at 2.25 percent for the second straight meeting in June, saying short-term inflation expectations have stabilised due to modest recovery in commodity prices. Policymakers, however, continued to show concerns over weak global growth while saying further policy easing may be required to bring inflation back to target. Interest Rate in New Zealand averaged 7.76 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.

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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 July of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
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% 2.25% 2.25% 2.25%
2016-08-10 09:00 PM Interest Rate Decision 2.25% 2% 2.0%
2016-09-21 09:00 PM Interest Rate Decision 2.0%
2016-10-09 08:00 PM Interest Rate Decision 2.0%

RBNZ Says Further Policy Easing Will be Required


The Reserve Bank of New Zealand reiterated that its monetary policy will continue to be accommodative and that further rate cuts were to come as short-term inflation expectations remain low, a statement from the last RBNZ's economic update showed.

Statement by the Reserve Bank of New Zealand:

Prospects for growth in the global economy have diminished despite very stimulatory monetary policy and low oil prices. Significant downside risks remain. Financial market volatility increased following the UK referendum and long-term interest rates have fallen. 

Domestic growth is expected to remain supported by strong inward migration, construction activity, tourism, and accommodative monetary policy. However, low dairy prices are depressing incomes in the dairy sector and weighing on farm spending and investment. 

There continue to be many uncertainties around the outlook. Internationally, these relate to the prospects for global growth and commodity prices, the fragility of global financial markets, and political risks. Domestic uncertainties relate to inflation expectations and the potential for continued high net immigration, ongoing pressures in the housing market, and the high New Zealand dollar exchange rate.  

The trade-weighted exchange rate is 6 percent higher than assumed in the June Statement, and is notably higher than in the alternative scenario presented in that Statement. The high exchange rate is adding further pressure to the dairy and manufacturing sectors and, together with weak global inflation, is holding down tradable goods inflation. This makes it difficult for the Bank to meet its inflation objective. A decline in the exchange rate is needed.

House price inflation remains excessive and has become more broad-based across the regions, adding to concerns about financial stability. The Bank is currently consulting on stronger macro-prudential measures aimed at mitigating risks to financial stability from the current boom in house prices.    

Annual CPI inflation was 0.4 percent in the year to June 2016. Headline inflation is being held below the target band by continuing negative tradables inflation. Long-term inflation expectations are well-anchored at 2 percent, but short-term inflation expectations remain low.

Despite rising capacity pressures and some recent increase in fuel prices, the stronger exchange rate implies that the outlook for inflation has weakened since the June Statement.

Monetary policy will continue to be accommodative. At this stage it seems likely that further policy easing will be required to ensure that future average inflation settles near the middle of the target range. We will continue to watch closely the emerging economic data. 

Reserve Bank New Zealand | Joana Ferreira | joana.ferreira@tradingeconomics.com
7/20/2016 10:53:31 PM

New Zealand Money Last Previous Highest Lowest Unit
Interest Rate 2.25 2.25 67.32 2.25 percent [+]
Interbank Rate 2.77 2.69 24.25 2.62 percent [+]
Money Supply M0 5598.00 5703.00 6113.00 1081.00 NZD Million [+]
Money Supply M1 45925.00 47192.00 47192.00 1585.70 NZD Million [+]
Money Supply M2 152569.00 155766.00 155766.00 19760.00 NZD Million [+]
Money Supply M3 313589.00 315150.00 315150.00 6726.00 NZD Million [+]
Foreign Exchange Reserves 28557.00 25426.00 28557.00 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 25983.00 28910.00 33766.00 7116.00 NZD Million [+]
Loans To Private Sector 91337.00 90838.00 91337.00 31241.00 NZD Million [+]




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