New Zealand Interest Rate  1985-2018 | Data | Chart | Calendar | Forecast

The Reserve Bank of New Zealand left its official cash rate unchanged at record low of 1.75 percent on 26 September 2018, saying that economic projections were little changed since the last meeting, as while GDP growth in the second quarter was stronger than anticipated, still downside risks to the growth outlook remain. Also, policymakers underscored that rates will remain at this level through 2019 and into 2020 and that the next move could be up or down. The central bank last moved the key rate in November of 2016. Interest Rate in New Zealand averaged 7.41 percent from 1985 until 2018, 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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New Zealand Holds Interest Rate at 1.75%


The Reserve Bank of New Zealand left its official cash rate unchanged at record low of 1.75 percent on 26 September 2018, saying that economic projections were little changed since the last meeting, as while GDP growth in the second quarter was stronger than anticipated, downside risks to the growth outlook remain. Also, policymakers underscored that rates will remain at this level through 2019 and into 2020 and that the next move could be up or down. The central bank last moved the key rate in November of 2016.

Statement by Reserve Bank Governor Adrian Orr:

The Official Cash Rate (OCR) remains at 1.75 percent.

We expect to keep the OCR at this level through 2019 and into 2020. The direction of our next OCR move could be up or down.

Employment is around its sustainable level and consumer price inflation remains below the 2 percent mid-point of our target, necessitating continued supportive monetary policy. Our outlook for the OCR assumes the pace of growth will pick up over the coming year, assisting inflation to return to the target mid-point.

Our projection for the New Zealand economy, as detailed in the August Monetary Policy Statement, is little changed. While GDP growth in the June quarter was stronger than we had anticipated, downside risks to the growth outlook remain.

Robust global economic growth and a lower New Zealand dollar exchange rate is expected to support demand for our exports. Global inflationary pressure is expected to rise, but remain modest. Trade tensions remain in some major economies, increasing the risk that ongoing increases in trade barriers could undermine global growth. Domestically, ongoing spending and investment, by both households and government, is expected to support growth.

There are welcome early signs of core inflation rising towards the mid-point of the target. Higher fuel prices are likely to boost inflation in the near term, but we will look through this volatility as appropriate. Consumer price inflation is expected to gradually rise to our 2 percent annual target as capacity pressures bite.

We will keep the OCR at an expansionary level for a considerable period to contribute to maximising sustainable employment, and maintaining low and stable inflation.


Mario | mario@tradingeconomics.com
9/26/2018 10:46:20 PM



Calendar GMT Actual Previous Consensus TEForecast
2018-06-27 09:00 PM Interest Rate Decision 1.75% 1.75% 1.75% 1.75%
2018-08-08 09:00 PM Interest Rate Decision 1.75% 1.75% 1.75% 1.75%
2018-09-26 09:00 PM Interest Rate Decision 1.75% 1.75% 1.75% 1.75%
2018-11-07 08:00 PM Interest Rate Decision 1.75% 1.75%
2018-11-27 08:00 PM RBNZ Financial Stability Report


New Zealand Money Last Previous Highest Lowest Unit
Interest Rate 1.75 1.75 67.32 1.75 percent [+]
Interbank Rate 2.52 2.30 24.25 2.00 percent [+]
Money Supply M0 6443.00 6348.00 213058.00 1081.00 NZD Million [+]
Money Supply M1 67697.00 67413.00 67697.00 1585.70 NZD Million [+]
Money Supply M3 301799.00 301499.00 301799.00 6726.00 NZD Million [+]
Foreign Exchange Reserves 30634.00 31462.00 32785.00 1029.50 NZD Million [+]
Banks Balance Sheet 546634.00 539610.00 546634.00 236047.00 NZD Million [+]
Deposit Interest Rate 3.20 3.80 16.32 3.20 percent [+]
Loans To Private Sector 110547.00 109919.00 110990.00 34958.00 NZD Million [+]
Central Bank Balance Sheet 28845.00 29606.00 33766.00 7116.00 NZD Million [+]


New Zealand Interest Rate

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 October of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
1.75 1.75 67.32 1.75 1985 - 2018 percent Daily




interest rate by Country
Country Last
Argentina 72.66 Oct/18
Turkey 24.00 Sep/18
Mexico 7.75 Oct/18
Russia 7.50 Sep/18
Brazil 6.50 Sep/18
India 6.50 Oct/18
South Africa 6.50 Sep/18
Indonesia 5.75 Sep/18
China 4.35 Sep/18
Saudi Arabia 2.75 Sep/18
United States 2.25 Sep/18
Australia 1.50 Oct/18
Canada 1.50 Sep/18
South Korea 1.50 Oct/18
Singapore 1.11 Sep/18
United Kingdom 0.75 Sep/18
Euro Area 0.00 Sep/18
France 0.00 Sep/18
Germany 0.00 Sep/18
Italy 0.00 Sep/18
Netherlands 0.00 Sep/18
Spain 0.00 Sep/18
Japan -0.10 Sep/18
Switzerland -0.75 Sep/18


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