The Reserve Bank of New Zealand held its official cash rate (OCR) at a record low of 0.25% on February 24th, as widely expected, while retaining the large-scale asset purchase program at NZ$100 billion. The central bank said that the domestic economic outlook remains highly uncertain, determined in large part by any future health-related restrictions. This ongoing uncertainty is expected to constrain investment and household spending growth. Policymakers viewed the current levels of monetary stimulus were needed to meet its consumer price inflation and employment remit. On the pandemic front, the initiation of global COVID-19 vaccination programs is positive for economic activity. Members agreed that there remains a significant period before widespread immunity is achieved. The Committee reiterated that it remains prepared to provide more monetary stimulus if necessary and noted that the operational work to enable the OCR to be taken negative if required is now completed. source: Reserve Bank of New Zealand
Interest Rate in New Zealand averaged 7 percent from 1985 until 2021, reaching an all time high of 67.32 percent in March of 1985 and a record low of 0.25 percent in March of 2020. This page provides - New Zealand Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. New Zealand Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2021.
Interest Rate in New Zealand is expected to be 0.25 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in New Zealand to stand at 0.25 in 12 months time. In the long-term, the New Zealand Interest Rate is projected to trend around 0.50 percent in 2022 and 0.75 percent in 2023, according to our econometric models.