RBNZ Official Cash Rate - New Zealand New Zealand Central Bank interest rate

This page shows the current and historic values of the Official Cash Rate as set by the New Zealand Central Bank (Reserve Bank of New Zealand, RBNZ). The Official Cash Rate is often regarded as the most important interest rate of the RBNZ.

The current interest rates of more central banks

Current RBNZ Official Cash Rate
5.50 %
5.25 %
4.75 %
4.25 %
3.50 %
3.00 %
2.50 %
2.00 %
1.50 %
1.00 %

Chart RBNZ Official Cash Rate

Historical interest rates

Our content is based on reliable sources. However, we do not accept liability for any errors. The content of this website is for informational purposes only and is not intended as financial advice. Decisions you make based on the information we display are always at your own expense and risk.

Reserve Bank of New Zealand (RBNZ)

The central bank of New Zealand is the RBNZ, or Reserve Bank of New Zealand. The bank is determining the monetary policy and strives to:

  • maintain price stability or a moderate inflation;
  • issuing New Zealand banknotes and coins (New Zealand dollar);
  • maintain a solid and efficient financial system.

How to achieve price stability in New Zealand is captured in the Policy Targets Agreement (PTA).

RBNZ Official Cash Rate (OCR)

When reference is made to the New Zealand interest rate this often refers to the RBNZ Official Cash Rate (OCR). The objective for the inflation level is determined by the RBNZ. The OCR (base rate) is used as a means to achieve this objective. By changing the Official Cash Rate the central bank is influencing the market interest rate and the exchange rate of the New Zealand dollar.

In case of an interest rate increase consumers tend to spend less because saving money is rewarded. At the same time the interest which needs to be paid for a mortgage or loan is increasing as well. When consumers save more or spend less there will be less pressure on prices which results in a decrease on inflationary pressure.