At its 14 June monetary policy meeting, the Reserve Bank of New Zealand (RBNZ) maintained the official cash rate (OCR) unchanged at a record-low 2.50%. Although the decision was widely expected by the market, analysts were focusing on the Bank's statement, as the Reserve Bank of Australia had recently cut interest rates. The Bank's decision means that monetary authorities have now remained on hold for 15 months, as weaker global economic growth and rising uncertainty in Europe will weigh on the economic outlook for New Zealand. That said, the RBNZ pointed out that rising housing activity, due to low interest rates and reconstruction in Canterbury are expected to temporarily offset the negative impacts from a deterioration in the Eurozone and lower global commodity prices.
New Zealand Monetary Policy
Central Bank leaves rates unchanged
June 14, 2012
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Note: Official Cash Rate (OCR) in %.
Source: Reserve Bank of New Zealand.
New Zealand Economic News
October 19, 2016
In Q3, consumer prices edged down from the quarter-on-quarter seasonally-adjusted 0.4% increase observed in Q2 to 0.2%.
September 30, 2016
Economic sentiment among New Zealand businesses rebounded in September after declining for two consecutive months.
September 22, 2016
At its meeting held on 22 September, the Reserve Bank of New Zealand (RBNZ) decided to keep the Official Cash Rate (OCR) at 2.00%.
September 19, 2016
New Zealanders’ confidence rose in Q3 after having deteriorated in the previous two quarters.
September 15, 2016
GDP grew a seasonally-adjusted 0.9% over the previous quarter in Q2, which matched the result tallied in Q1.