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 September 27th of 2017, as widely expected. The central bank last moved the key rate in November of 2016. Policymakers underscored that global economic growth has continued to improve in recent quarter; that the trade-weighted exchange rate has eased slightly since the August statement; and that annual CPI inflation eased in the June quarter, but remains within the target range. The central bank also stated that monetary policy will remain accommodative for a considerable period, as numerous uncertainties remain and policy may need to adjust accordingly. Interest Rate in New Zealand averaged 7.56 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
width
height
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.




New Zealand Leaves Interest Rate Unchanged at 1.75%


The Reserve Bank of New Zealand kept its official cash rate unchanged at record low of 1.75 percent on September 27th of 2017, as widely expected. The central bank last moved the key rate in November of 2016. Policymakers underscored that global economic growth has continued to improve in recent quarter; that the trade-weighted exchange rate has eased slightly since the August statement; and that annual CPI inflation eased in the June quarter, but remains within the target range. The central bank also stated that monetary policy will remain accommodative for a considerable period, as numerous uncertainties remain and policy may need to adjust accordingly.

Statement by Reserve Bank Acting Governor Grant Spencer:

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

Global economic growth has continued to improve in recent quarters. However, inflation and wage outcomes remain subdued across the advanced economies and challenges remain with on-going surplus capacity. Bond yields are low, credit spreads have narrowed and equity prices are near record levels. Monetary policy is expected to remain stimulatory in the advanced economies, but less so going forward.

The trade-weighted exchange rate has eased slightly since the August Statement. A lower New Zealand dollar would help to increase tradables inflation and deliver more balanced growth.

GDP in the June quarter grew in line with expectations, following relative weakness in the previous two quarters. While exports recovered, construction was weaker than expected. Growth is projected to maintain its current pace going forward, supported by accommodative monetary policy, population growth, elevated terms of trade, and fiscal stimulus.

House price inflation continues to moderate due to loan-to-value ratio restrictions, affordability constraints, and a tightening in credit conditions. This moderation is expected to continue, although there remains a risk of resurgence in prices given population growth and resource constraints in the construction sector.

Annual CPI inflation eased in the June quarter, but remains within the target range. Headline inflation is likely to decline in coming quarters, reflecting volatility in tradables inflation. Non-tradables inflation remains moderate but is expected to increase gradually as capacity pressure increases, bringing headline inflation to the midpoint of the target range over the medium term. Longer-term inflation expectations remain well anchored at around two percent.

Monetary policy will remain accommodative for a considerable period. Numerous uncertainties remain and policy may need to adjust accordingly.

Mario | mario@tradingeconomics.com
9/27/2017 8:13:01 PM



Calendar GMT Actual Previous Consensus TEForecast
2017-06-21 09:00 PM Interest Rate Decision 1.75% 1.75% 1.75% 1.75%
2017-08-09 09:00 PM Interest Rate Decision 1.75% 1.75% 1.75% 1.75%
2017-09-27 08:00 PM Interest Rate Decision 1.75% 1.75% 1.75% 1.75%
2017-11-08 08:00 PM Interest Rate Decision 1.75% 1.75%
2017-11-28 08:00 PM RBNZ Financial Stability Report
2018-02-07 08:00 PM Interest Rate Decision 1.75% 1.75%


New Zealand Money Last Previous Highest Lowest Unit
Interest Rate 1.75 1.75 67.32 1.75 percent [+]
Interbank Rate 2.32 2.05 24.25 2.00 percent [+]
Money Supply M0 5908.00 5882.00 213058.00 1081.00 NZD Million [+]
Money Supply M1 60079.00 61936.00 61936.00 1585.70 NZD Million [+]
Money Supply M2 150882.00 153357.00 155766.00 19760.00 NZD Million [+]
Money Supply M3 280572.00 282011.00 282011.00 6726.00 NZD Million [+]
Foreign Exchange Reserves 27783.00 24687.00 28557.00 1029.50 NZD Million [+]
Banks Balance Sheet 520745.00 515127.00 520745.00 236047.00 NZD Million [+]
Deposit Interest Rate 3.20 3.80 16.32 3.20 percent [+]
Central Bank Balance Sheet 27004.00 27575.00 33766.00 7116.00 NZD Million [+]
Loans To Private Sector 103771.00 104527.00 104527.00 34958.00 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 2017.

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




interest rate by Country

Last
Russia 8.50 Sep/17
Brazil 8.25 Sep/17
Turkey 8.00 Sep/17
Mexico 7.00 Sep/17
India 6.00 Oct/17
China 4.35 Sep/17
Indonesia 4.25 Sep/17
Australia 1.50 Oct/17
South Korea 1.25 Sep/17
United States 1.25 Sep/17
Canada 1.00 Sep/17
United Kingdom 0.25 Sep/17
Euro Area 0.00 Sep/17
France 0.00 Sep/17
Germany 0.00 Sep/17
Italy 0.00 Sep/17
Netherlands 0.00 Sep/17
Spain 0.00 Sep/17
Japan -0.10 Sep/17
Switzerland -0.75 Sep/17