Interest Rate in New Zealand
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 |
New Zealand Interest Rate Chart
Source: Reserve Bank of New Zealand and FocusEconomics calculations.
New Zealand Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.67 | 1.20 % | Dec 30 |
| Exchange Rate | 0.67 | -1.69 % | Jan 01 |
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Economic News
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New Zealand: RBNZ stands pat in February
February 24, 2021
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.
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New Zealand: Consumer confidence strengthens in January
February 8, 2021
The ANZ-Roy Morgan consumer confidence indicator rose to 113.8 in January from December’s 112.0.
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New Zealand: Business confidence at over three-year high in February
February 8, 2021
The ANZ bank business outlook indicator rose again in February, recording the highest print since September 2017.
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New Zealand: Unemployment drops in Q4
February 3, 2021
The seasonally-adjusted unemployment rate fell to 4.9% in Q4 from 5.3% in the previous quarter, which had marked the highest print since Q4 2016.
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New Zealand: Inflation stable in Q4
January 22, 2021
Consumer prices increased 0.5% in Q4 2020, coming in below Q3’s 0.7% rise.
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