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

The Reserve Bank of New Zealand kept its official cash rate unchanged at record low of 1.75 percent on 21 March 2018, as widely expected. The central bank last moved the key rate in November of 2016. Policymakers underscored that global economic growth continued to gradually improve, albeit weaker than expected GDP growth in the fourth quarter, mainly due to weather effects on agricultural production. In addition, although recognizing that inflation remains subdued, the policy statement now highlighted some signs of emerging pressures, namely: an increase in commodity and agricultural prices. 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. Consumer prices rose 1.6 percent year-on-year in the fourth quarter of 2017, below market expectations of 1.9 percent and 1.9 percent in the previous period. It was the lowest quarterly inflation in a year. 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
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New Zealand Leaves 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 21 March 2018, as widely expected. The central bank last moved the key rate in November of 2016. Policymakers underscored that global economic growth continued to gradually improve, albeit weaker than expected GDP growth in the fourth quarter, mainly due to weather effects on agricultural production. In addition, although recognizing that inflation remains subdued, the policy statement now highlighted some signs of emerging pressures, namely: an increase in commodity and agricultural prices.

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. Consumer prices rose 1.6 percent year-on-year in Q4, below expectations of 1.9 percent and 1.9 percent in the previous period. It was the lowest quarterly inflation in a year.

Statement by Reserve Bank Governor Grant Spencer:

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

The outlook for global growth continues to gradually improve. While global inflation remains subdued, there are some signs of emerging pressures. Commodity prices have continued to increase and agricultural prices are picking up. Equity markets have been strong, although volatility has increased. Monetary policy remains easy in the advanced economies but is gradually becoming less stimulatory.

GDP was weaker than expected in the fourth quarter, mainly due to weather effects on agricultural production. Growth is expected to strengthen, supported by accommodative monetary policy, a high terms of trade, government spending and population growth. Labour market conditions are projected to tighten further.

Residential construction continues to be hindered by capacity constraints. The Kiwibuild programme is expected to contribute to residential investment growth from 2019. House price inflation remains moderate with restrained credit growth and weak house sales.

CPI inflation is expected to weaken further in the near term due to softness in food and energy prices and adjustments to government charges. Tradables inflation is projected to remain subdued through the forecast period. Non-tradables inflation is moderate but is expected to increase in line with a rise in capacity pressure. Over the medium term, CPI inflation is forecast to trend upwards towards the midpoint of the target range. Longer-term inflation expectations are well anchored at 2 percent.

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




Mario |
3/21/2018 8:41:58 PM



Calendar GMT Actual Previous Consensus TEForecast
2017-11-08 08:00 PM Interest Rate Decision 1.75% 1.75% 1.75% 1.75%
2018-02-07 08:00 PM Interest Rate Decision 1.75% 1.75% 1.75% 1.75%
2018-03-21 08:00 PM Interest Rate Decision 1.75% 1.75% 1.75% 1.75%
2018-05-09 09:00 PM Interest Rate Decision 1.75% 1.75%
2018-05-29 09:00 PM RBNZ Financial Stability Report
2018-06-27 09:00 PM Interest Rate Decision 1.75%


New Zealand Money Last Previous Highest Lowest Unit
Interest Rate 1.75 1.75 67.32 1.75 percent [+]
Interbank Rate 2.30 2.47 24.25 2.00 percent [+]
Money Supply M0 6331.00 6359.00 213058.00 1081.00 NZD Million [+]
Money Supply M1 64787.00 63999.00 65542.00 1585.70 NZD Million [+]
Money Supply M3 292030.00 290366.00 292600.00 6726.00 NZD Million [+]
Foreign Exchange Reserves 30137.00 28650.00 32785.00 1029.50 NZD Million [+]
Banks Balance Sheet 528128.00 530621.00 530621.00 236047.00 NZD Million [+]
Deposit Interest Rate 3.20 3.80 16.32 3.20 percent [+]
Loans To Private Sector 108255.00 108365.00 108365.00 34958.00 NZD Million [+]
Central Bank Balance Sheet 29826.00 30187.00 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 April 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
Turkey 8.00 Mar/18
Mexico 7.50 Apr/18
Russia 7.25 Mar/18
Brazil 6.50 Mar/18
India 6.00 Apr/18
China 4.35 Mar/18
Indonesia 4.25 Apr/18
United States 1.75 Mar/18
Australia 1.50 Apr/18
South Korea 1.50 Apr/18
Canada 1.25 Apr/18
United Kingdom 0.50 Mar/18
Euro Area 0.00 Mar/18
France 0.00 Mar/18
Germany 0.00 Mar/18
Italy 0.00 Mar/18
Netherlands 0.00 Mar/18
Spain 0.00 Mar/18
Japan -0.10 Mar/18
Switzerland -0.75 Mar/18


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