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 10 May 2018, as widely expected. The central bank last moved the key rate in November of 2016. Policymakers underscored that consumer price inflation remains below the 2 percent mid-point of the central bank target due, in part, to recent low food and import price inflation, and subdued wage pressures. They also mentioned that the direction of the next move is equally balanced, up or down. Consumer prices in New Zealand increased 1.1 percent year-on-year in the first three months of 2018 following a 1.6 percent increase in the previous quarter, matching market expectations. It was the slowest inflation since the third quarter of 2016. 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 10 May 2018, as widely expected. The central bank last moved the key rate in November of 2016. Policymakers underscored that consumer price inflation remains below the 2 percent mid-point of the central bank target due, in part, to recent low food and import price inflation, and subdued wage pressures. They also mentioned that the direction of the next move is equally balanced, up or down. Consumer prices in New Zealand increased 1.1 percent year-on-year in the first three months of 2018 following a 1.6 percent increase in the previous quarter, matching market expectations. It was the slowest inflation since the third quarter of 2016.

Statement by Reserve Bank Governor Adrian Orr:

The Official Cash Rate (OCR) will remain at 1.75 percent for some time to come. The direction of our next move is equally balanced, up or down. Only time and events will tell.

Economic growth and employment in New Zealand remain robust, near their sustainable levels. However, consumer price inflation remains below the 2 percent mid-point of our target due, in part, to recent low food and import price inflation, and subdued wage pressures.

The recent growth in demand has been delivered by an unprecedented increase in employment. The number of willing workers continues to rise, especially with more female and older workers choosing to participate. Likewise net immigration has added to the supply of labour, and the demand for goods, services, and accommodation.
Ahead, global economic growth is forecast to continue supporting demand for New Zealand’s products and services. Global inflation pressures are expected to rise but remain contained.
At home, ongoing spending and investment, by both households and government, is expected to support economic growth and employment demand. Business investment should also increase due to emerging capacity constraints.

The emerging capacity constraints are projected to see New Zealand’s consumer price inflation gradually rise to our 2 percent annual target.

To best ensure this outcome, we expect to keep the OCR at this expansionary level for a considerable period of time. This is the best contribution we can make, at this moment, to maximising sustainable employment and maintaining low and stable inflation.

Our economic projections, assumptions, and key risks and uncertainties, are elaborated on fully in our Monetary Policy Statement.


Mario |
5/9/2018 9:09:25 PM



Calendar GMT Actual Previous Consensus TEForecast
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% 1.75% 1.75%
2018-05-10 01:10 AM RBNZ Gov Orr Speech
2018-05-29 09:00 PM RBNZ Financial Stability Report
2018-06-27 09:00 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 2.40 2.30 24.25 2.00 percent [+]
Money Supply M0 6497.00 6331.00 213058.00 1081.00 NZD Million [+]
Money Supply M1 67077.00 64787.00 67077.00 1585.70 NZD Million [+]
Money Supply M3 295333.00 292030.00 295333.00 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 29121.00 29826.00 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 May 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 Apr/18
Mexico 7.50 Apr/18
Russia 7.25 Apr/18
Brazil 6.50 Mar/18
India 6.00 Apr/18
China 4.35 Apr/18
Indonesia 4.25 Apr/18
United States 1.75 May/18
Australia 1.50 May/18
South Korea 1.50 Apr/18
Canada 1.25 Apr/18
United Kingdom 0.50 Apr/18
Euro Area 0.00 Apr/18
France 0.00 Apr/18
Germany 0.00 Apr/18
Italy 0.00 Apr/18
Netherlands 0.00 Apr/18
Spain 0.00 Apr/18
Japan -0.10 Apr/18
Switzerland -0.75 Apr/18


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