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New Zealand Interest Rate

Last Release
Dec 31, 2022
Actual
4.25
Units In
%
Previous
4.25
Frequency
Daily
Next Release
N/A
Time to Release
N/A
Highest
Lowest
Average
Date Range
Source
67.32
Mar 1985
0.25
Mar 2020
6.77 %1985-2022Reserve Bank of New Zealand
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.

Latest Updates

The Reserve Bank of New Zealand raised its official cash rate (OCR) by 75bps to the highest since January 2009 of 4.25% during the November meeting, in line with market consensus. Wednesday's move was the biggest rate hike in the central bank's history, as it continues efforts to curb high inflation ahead of a three-month break. It was also the 9th straight increase, meaning that the OCR has now risen 400bps since October 2021, the most aggressive tightening by the RBNZ since 1999. The board said core consumer price inflation was too high, employment was beyond its sustainable level, and near-term inflation expectations had risen. The committee flagged more rate hikes to come, seeing the OCR would peak at 5.5% in September 2023. Policymakers projected that the economy will start contracting in Q2 of 2023 and continue declining until Q1 of 2024. Minutes from the meeting showed the central bank even considered a full percentage point hike.

New Zealand Interest Rate History

Last 12 readings

New Zealand Money Indicators

All New Zealand indicators
Indicator
Last
Previous
Min
Max
Unit
Frequency
Range
Banks Balance Sheet
705,812
Nov 2022
702,872
Oct 2022
236,047
Dec 2004
708,187
Sep 2022
NZD MillionMonthly2004-2022
Central Bank Balance Sheet
100,969
Dec 2022
102,798
Nov 2022
7,116
Dec 1994
102,798
Nov 2022
NZD MillionMonthly1993-2022
Deposit Interest Rate
4.25
Feb 2023
4.25
Feb 2023
-0.12
Dec 2020
16.32
Dec 1986
%Daily1981-2023
Foreign Exchange Reserves
22,754
Dec 2022
23,623
Nov 2022
1,029.5
Jul 1983
39,252
Mar 2020
NZD MillionMonthly1983-2022
Interest Rate
4.25
Dec 2022
4.25
Nov 2022
0.25
Mar 2020
67.32
Mar 1985
%Daily1985-2022
Loans To Private Sector
133,310
Nov 2022
131,802
Oct 2022
34,958
Jul 1998
133,310
Nov 2022
NZD MillionMonthly1998-2022
Money Supply M0
9,369
Dec 2022
9,016
Nov 2022
1,081
Jul 1988
213,058
Feb 2017
NZD MillionMonthly1988-2022
Money Supply M1
131,733
Nov 2022
131,614
Oct 2022
1,585.7
Sep 1977
141,425
Dec 2021
NZD MillionMonthly1977-2022
Money Supply M3
397,263
Nov 2022
393,508
Oct 2022
6,726
Mar 1977
397,263
Nov 2022
NZD MillionMonthly1977-2022

Interest Rate across Pacific

Interest Rate global view
Country
Last
Previous
Min
Max
Unit
Frequency
Range
Australia
3.1
Jan 2023
3.1
Dec 2022
0.1
Nov 2020
17.5
Jan 1990
% Daily1990-2023
Fiji
0.25
Dec 2022
0.25
Nov 2022
0.25
Mar 2020
2.5
Dec 2010
% Daily2010-2022
New Caledonia
2.75
Dec 2022
2.25
Nov 2022
0.25
Jun 2016
3
Oct 2008
% Daily2008-2022
New Zealand
4.25
Dec 2022
4.25
Nov 2022
0.25
Mar 2020
67.32
Mar 1985
% Daily1985-2022
Papua New Guinea
3.25
Dec 2022
3.25
Nov 2022
3
Apr 2020
16
Jun 2003
% Daily2001-2022

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