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

The benchmark interest rate in New Zealand was last recorded at 3.50 percent. Interest Rate in New Zealand averaged 7.97 percent from 1985 until 2014, 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
3.50 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, May 25, 2015.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-03-11 08:00 PM 3.5% 3.5% 3.5% 3.5%
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 3.5% 3.5%
2015-07-22 10:00 PM 3.5%
2015-09-09 10:00 PM 3.5%


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.

Statement by Reserve Bank Governor Graeme Wheeler:

Trading partner growth continues at around its long-term average, but remains dependent on highly accommodative monetary settings. Policy interest rates are at record lows and many European government bonds are trading at negative yields. Looking ahead, considerable uncertainties exist in Europe, China and Australia, and on the timing of US monetary policy adjustment, although global growth should be boosted by the decline in world oil prices. Crude oil prices are almost 50 percent below their July 2014 level, with increasing supply mostly contributing to this fall.

The New Zealand economy continues to grow at an annual rate of around 3 percent, supported by low interest rates, high net immigration and construction activity, and the fall in fuel prices. House price inflation is elevated in Auckland. However, lower dairy incomes, lingering effects of drought, fiscal consolidation, and the high exchange rate are weighing on the outlook for growth.

Lower fuel prices, coming on top of the high exchange rate and low global inflation, lowered annual CPI inflation to 0.1 percent in the March quarter. Underlying inflation remains low and is expected to pick up gradually. Monetary policy will focus on the medium-term trend in inflation. The Bank expects to keep monetary policy stimulatory, and is not currently considering any increase in interest rates.

We are watching closely the ongoing impact on tradables inflation from global forces and the high New Zealand dollar. On a trade-weighted basis, the New Zealand dollar continues to be unjustifiably high and unsustainable in terms of New Zealand’s long-term economic fundamentals. The appreciation in the exchange rate, while our key export prices have been falling, is unwelcome.

The timing of future adjustments in the OCR will depend on how inflationary pressures evolve in both the non-traded and traded sectors.  It would be appropriate to lower the OCR if demand weakens, and wage and price-setting outcomes settle at levels lower than is consistent with the inflation target.

The Bank will continue to monitor and carefully assess the emerging flow of economic data.

Reserve Bank New Zealand | Joana Taborda | joana.taborda@tradingeconomics.com
4/29/2015 10:08:16 PM


Recent Releases

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 Money Last Previous Highest Lowest Unit
Interest Rate 3.50 3.50 67.32 2.50 percent [+]
Interbank Rate 3.94 3.97 24.25 2.70 percent [+]
Money Supply M0 5435.00 5332.00 5744.00 1081.00 NZD Million [+]
Money Supply M1 42396.00 39897.00 42396.00 1585.70 NZD Million [+]
Money Supply M2 135425.00 132123.00 135425.00 19760.00 NZD Million [+]
Money Supply M3 290089.00 287522.00 290089.00 6726.00 NZD Million [+]
Foreign Exchange Reserves 24712.00 24537.00 28237.00 1029.50 NZD Million [+]
Banks Balance Sheet 447342.00 444665.00 455221.00 236047.00 NZD Million [+]
Central Bank Balance Sheet 23866.00 28594.00 33766.00 7116.00 NZD Million [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.00 May/15 2.25 17.50 2.25 percent [+]
Brazil 13.25 Apr/15 12.75 45.00 7.25 percent [+]
Canada 0.75 Apr/15 0.75 16.00 0.25 percent [+]
China 5.10 May/15 5.35 10.98 5.31 percent [+]
Euro Area 0.05 Apr/15 0.05 4.75 0.05 percent [+]
France 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Apr/15 0.05 4.75 0.05 percent [+]
India 7.50 Apr/15 7.50 14.50 4.25 percent [+]
Indonesia 7.50 May/15 7.50 12.75 5.75 percent [+]
Italy 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Japan 0.00 May/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Apr/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Russia 12.50 Apr/15 14.00 17.00 5.00 percent [+]
South Korea 1.75 May/15 1.75 5.25 1.75 percent [+]
Spain 0.05 Apr/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Apr/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 May/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 May/15 0.50 17.00 0.50 percent [+]
United States 0.25 Apr/15 0.25 20.00 0.25 percent [+]