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RBNZ Official Cash Rate, interest rate central bank New Zealand
Charts - historic RBNZ interest rates
Graph New Zealand interest rate - interest rates last year |
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Graph New Zealand interest rate - long-term graph |
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Reserve Bank of New Zealand
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;
- maintain a solid and efficient financial system.
How to achieve price stability in New Zealand is captured in the Policy Targets Agreement (PTA).
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 (baserate) is used as a means to achieve this objective. Changing the Official Cash Rate the central bank is influencing the market interest rate. 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.
This page shows the current and historic values of the RBNZ Official Cash Rate (OCR).
For a summary of the current interest rates of a large number of central banks please click here.
Tables - current and historic interest rates od the central bank of New Zealand
RBNZ latest interest rate changes
| may 24 2023 |
5.500 % |
| april 05 2023 |
5.250 % |
| february 22 2023 |
4.750 % |
| november 23 2022 |
4.250 % |
| october 05 2022 |
3.500 % |
| august 17 2022 |
3.000 % |
| july 13 2022 |
2.500 % |
| may 25 2022 |
2.000 % |
| april 13 2022 |
1.500 % |
| february 22 2022 |
1.000 % |
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Summary of other central banks’ interest rates
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