New Zealand Interest Rate  1985-2017 | Data | Chart | Calendar | Forecast

The Reserve Bank of New Zealand kept its official cash rate unchanged at record low of 1.75 percent on March 22nd, 2017, as widely expected. The central bank left the monetary rate unchanged for the fourth straight meeting. Policymakers underscored that headline inflation has returned to the target band as past declines in oil prices dropped out of the annual calculation; that quarterly GDP was weaker than expected in the December quarter; and that global inflation has increased. They also reiterated that monetary policy will remain accommodative for a considerable period, as numerous uncertainties remain, particularly in respect of the international outlook, and policy may need to adjust accordingly. Consumer prices in New Zealand jumped 1.3 percent year-on-year in the fourth quarter of 2016, compared to an upwardly revised 0.4 percent rise in the previous period. Interest Rate in New Zealand averaged 7.64 percent from 1985 until 2017, reaching an all time high of 67.32 percent in March of 1985 and a record low of 1.75 percent in November of 2016.

New Zealand Interest Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-11-09 08:00 PM Interest Rate Decision 1.75% 2% 1.75% 1.75%
2017-02-08 08:00 PM Interest Rate Decision 1.75% 1.75% 1.75% 1.75%
2017-03-22 08:00 PM Interest Rate Decision 1.75% 1.75% 1.75% 1.75%
2017-05-10 09:00 PM Interest Rate Decision 1.75% 1.5%
2017-05-30 09:00 PM RBNZ Financial Stability Report
2017-06-21 09:00 PM Interest Rate Decision




New Zealand Holds Interest Rate At 1.75%


The Reserve Bank of New Zealand kept its official cash rate unchanged at record low of 1.75 percent on March 22nd, 2017, as widely expected. The central bank left the monetary rate unchanged for the fourth straight meeting. Policymakers underscored that headline inflation has returned to the target band as past declines in oil prices dropped out of the annual calculation; that quarterly GDP was weaker than expected in the December quarter; and that global inflation has increased. They also reiterated that monetary policy will remain accommodative for a considerable period, as numerous uncertainties remain, particularly in respect of the international outlook, and policy may need to adjust accordingly.

Statement by Reserve Bank Governor Graeme Wheeler:

The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 1.75 percent.

Macroeconomic indicators in advanced economies have been positive over the past two months.  However, major challenges remain with on-going surplus capacity in the global economy and extensive geo-political uncertainty.

Global headline inflation has increased, partly due to a rise in commodity prices, although oil prices have fallen more recently. Core inflation has been low and stable. Monetary policy is expected to remain stimulatory, but less so going forward, particularly in the US.

The trade-weighted exchange rate has fallen 4 percent since February, partly in response to weaker dairy prices and reduced interest rate differentials. This is an encouraging move, but further depreciation is needed to achieve more balanced growth.

Quarterly GDP was weaker than expected in the December quarter, but some of this is considered to be due to temporary factors. The growth outlook remains positive, supported by on-going accommodative monetary policy, strong population growth, and high levels of household spending and construction activity. Dairy prices have been volatile in recent auctions and uncertainty remains around future outcomes.

House price inflation has moderated, and in part reflects loan-to-value ratio restrictions and tighter lending conditions. It is uncertain whether this moderation will be sustained given the continued imbalance between supply and demand.

Headline inflation has returned to the target band as past declines in oil prices dropped out of the annual calculation. Headline CPI will be variable over the next 12 months due to one-off effects from recent food and import price movements, but is expected to return to the midpoint of the target band over the medium term. Longer-term inflation expectations remain well-anchored at around 2 percent.

Monetary policy will remain accommodative for a considerable period. Numerous uncertainties remain, particularly in respect of the international outlook, and policy may need to adjust accordingly.

Mario | mario@tradingeconomics.com
3/22/2017 8:10:37 PM



New Zealand Money Last Previous Highest Lowest Unit
Interest Rate 1.75 1.75 67.32 1.75 percent [+]
Interbank Rate 2.31 2.39 24.25 2.31 percent [+]
Money Supply M0 5978.00 6298.00 6298.00 1081.00 NZD Million [+]
Money Supply M1 48584.00 50527.00 50527.00 1585.70 NZD Million [+]
Money Supply M2 150882.00 153357.00 155766.00 19760.00 NZD Million [+]
Money Supply M3 324913.00 325467.00 325467.00 6726.00 NZD Million [+]
Foreign Exchange Reserves 25668.00 25557.00 28557.00 1029.50 NZD Million [+]
Banks Balance Sheet 509658.00 510565.00 510566.00 236047.00 NZD Million [+]
Deposit Interest Rate 3.80 4.01 16.32 3.80 percent [+]
Central Bank Balance Sheet 26106.00 26212.00 33766.00 7116.00 NZD Million [+]
Loans To Private Sector 94779.00 95875.00 95875.00 31241.00 NZD Million [+]



New Zealand Interest Rate Notes

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 March of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
1.75 1.75 67.32 1.75 1985 - 2017 percent Daily



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