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

The benchmark interest rate in New Zealand was last recorded at 3 percent. Interest Rate in New Zealand averaged 7.91 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.

New Zealand Interest Rate
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Actual Previous Highest Lowest Dates Unit Frequency
3.00 3.25 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 Wednesday, August 5, 2015.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
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% 3.25% 3% 3.15%
2015-09-09 10:00 PM 3% 3%
2015-10-28 08:00 PM 3%
2015-12-09 08:00 PM 3%


New Zealand Lowers Key Rate to 3%


Reserve Bank of New Zealand lowered its benchmark cash rate by 25bps to 3 percent in July as widely expected. It is the second consecutive cut as the growth outlook has softened while inflation remains below target. Yet, policymakers signalled further rate cuts seem likely.

Statement by Reserve Bank Governor Graeme Wheeler:

Global economic growth remains moderate, with only a gradual pickup in activity forecast. Recent developments in China and Europe led to heightened uncertainty and increased financial market volatility. Particular uncertainty remains around the impact of the expected tightening in US monetary policy.

New Zealand’s economy is currently growing at an annual rate of around 2.5 percent, supported by low interest rates, construction activity, and high net immigration. However, the growth outlook is now softer than at the time of the June Statement. Rebuild activity in Canterbury appears to have peaked, and the world price for New Zealand’s dairy exports has fallen sharply.

Headline inflation is currently below the Bank’s 1 to 3 percent target range, due largely to previous strength in the New Zealand dollar and a large decline in world oil prices. Annual CPI inflation is expected to be close to the midpoint of the range in early 2016, due to recent exchange rate depreciation and as the decline in oil prices drops out of the annual figure. A key uncertainty is how quickly the exchange rate pass-through will occur.

House prices in Auckland continue to increase rapidly, but, outside Auckland, house price inflation generally remains low. Increased building activity is underway in the Auckland region, but it will take some time for the imbalances in the housing market to be corrected.

The New Zealand dollar has declined significantly since April and, along with lower interest rates, has led to an easing in monetary conditions. While the currency depreciation will provide support to the export and import competing sectors, further depreciation is necessary given the weakness in export commodity prices.

A reduction in the OCR is warranted by the softening in the economic outlook and low inflation. At this point, some further easing seems likely.

RBNZ | Joana Taborda | joana.taborda@tradingeconomics.com
7/23/2015 12:15:28 AM


Recent Releases

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.
Published on 2015-06-10

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 Money Last Previous Highest Lowest Unit
Interest Rate 3.00 3.25 67.32 2.50 percent [+]
Interbank Rate 3.52 3.77 24.25 2.70 percent [+]
Money Supply M0 5253.00 5288.00 5744.00 1081.00 NZD Million [+]
Money Supply M1 41888.00 41879.00 42396.00 1585.70 NZD Million [+]
Money Supply M2 141395.00 136822.00 141395.00 19760.00 NZD Million [+]
Money Supply M3 296324.00 292279.00 296324.00 6726.00 NZD Million [+]
Foreign Exchange Reserves 26478.00 26193.00 28237.00 1029.50 NZD Million [+]
Banks Balance Sheet 472423.00 456841.00 472423.00 236047.00 NZD Million [+]
Central Bank Balance Sheet 29108.00 28299.00 33766.00 7116.00 NZD Million [+]
Loans To Private Sector 86214.00 85772.00 86214.00 31241.00 NZD Million [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.00 Aug/15 2.00 17.50 2.00 percent [+]
Brazil 14.25 Jul/15 13.75 45.00 7.25 percent [+]
Canada 0.50 Jul/15 0.75 16.00 0.25 percent [+]
China 4.85 Jun/15 5.10 10.98 4.85 percent [+]
Euro Area 0.05 Jul/15 0.05 4.75 0.05 percent [+]
India 7.25 Aug/15 7.25 14.50 4.25 percent [+]
Indonesia 7.50 Jul/15 7.50 12.75 5.75 percent [+]
Japan 0.00 Jul/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Jul/15 3.00 9.25 3.00 percent [+]
Russia 11.00 Jul/15 11.50 17.00 5.00 percent [+]
South Korea 1.50 Jul/15 1.50 5.25 1.50 percent [+]
Switzerland -0.75 Jun/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 Jul/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 Jul/15 0.50 17.00 0.50 percent [+]
United States 0.25 Jul/15 0.25 20.00 0.25 percent [+]