Interest Rate in New Zealand

New Zealand Interest Rate | Economic News & Forecasts

New Zealand - Interest Rate

RBNZ stands pat in February

At its meeting on 24 February, the Reserve Bank of New Zealand (RBNZ) decided to hold the official cash rate (OCR) steady at its record low of 0.25%, and at the same time left the scale of its monetary stimulus program unchanged.

Despite the pickup in activity in recent months, the economic outlook remains highly uncertain due to the evolution of the health crisis and any future containment measures, which prompted the Bank to leave its expansionary monetary policy stance untouched.

Looking ahead, the Bank stroke a prudent tone, stating that it will maintain “its current stimulatory monetary settings until it is confident that consumer price inflation will be sustained at the 2 percent per annum target midpoint, and that employment is at or above its maximum sustainable level”, adding that time will be needed to meet these goals.

The next monetary policy meeting is scheduled for 14 April.

FocusEconomics panelists project that the OCR will end 2021 at 0.01% and 2022 at 0.13%.

New Zealand - Interest Rate Data

2015   2016   2017   2018   2019  
Policy Interest Rate (%)2.50  1.75  1.75  1.75  1.00  

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New Zealand Interest Rate Chart


New Zealand Interest Rate
Note: Official Cash Rate in %.
Source: Reserve Bank of New Zealand and FocusEconomics calculations.

New Zealand Facts

Value Change Date
Bond Yield1.671.20 %Dec 30
Exchange Rate0.67-1.69 %Jan 01

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