The Reserve Bank of New Zealand raised its official cash rate (OCR) by 25 basis points to 0.5% during its October meeting and matching market expectations. It was the first rate hike since June 2014, with policymakers saying the decision was appropriate to maintain low inflation and support maximum employment. The central bank mentioned it was aware that the latest COVID-19 curbs have badly affected some businesses in Auckland and a range of service industries, but New Zealand’s public health is evolving as vaccination rates rise. On inflation outlook, headline inflation is expected to increase above 4% in the near term before returning towards the 2% midpoint over the medium term. The near-term rise in inflation is accentuated by higher oil prices, rising transport costs, and the impact of supply shortfalls. The board added that further removal of stimulus is expected over time, with future moves contingent on the medium-term outlook for inflation and employment. source: Reserve Bank of New Zealand
Interest Rate in New Zealand averaged 6.90 percent from 1985 until 2021, reaching an all time high of 67.32 percent in March of 1985 and a record low of 0.25 percent in March of 2020. This page provides - New Zealand Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. New Zealand Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2021.
Interest Rate in New Zealand is expected to be 0.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the New Zealand Interest Rate is projected to trend around 1.50 percent in 2022 and 2.00 percent in 2023, according to our econometric models.