New Zealand Interest Rate

Last Release

Dec 31, 2024

Actual

4.25

Units In

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	6.7 %	1985-2024	Reserve 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 lowered its official cash rate (OCR) by 50 basis points to 4.25% during its November 2024 policy meeting, marking the third consecutive rate cut this year and aligning with market expectations. The annual inflation rate in New Zealand slowed to 2.2% in Q3 2024, the lowest reading since March 2021, down from 3.3% in the previous quarter. Meanwhile, economic activity in New Zealand remains subdued, with output still below potential and employment growth expected to remain weak through mid-2025. With inflation now close to the midpoint of the policymakers' 1% to 3% target band, combined with weak GDP and labor market figures, the committee is increasingly confident about further easing monetary policy restraints.