🇳🇿

Reserve Bank of New Zealand

NZD · Official Website

Latest Statement

🕊️ Dovish

2025-11-01

The Reserve Bank of New Zealand has lowered the Official Cash Rate (OCR) to 2.25% to support economic recovery amid rising inflation, which is expected to moderate to around 2% by mid-2026. The decision reflects a cautious approach to balancing inflation risks while encouraging household spending and stabilizing the labor market.

Annual consumer price inflation rose to 3% in the September quarter, but is projected to decrease to around 2% by mid-2026 due to significant spare capacity in the economy.
The OCR was reduced by 25 basis points to 2.25%, with future adjustments dependent on the evolution of medium-term inflation and economic conditions.
Economic activity is recovering from a weak mid-2025 period, supported by lower interest rates and a stabilizing labor market, despite global growth expected to slow in 2026.

⚡ Rate

↑0 ↓1 →0

📝 Classified Sentences

⚡ Rate Cutmp_interest_rate

"The Committee voted to reduce the OCR by 25 basis points to 2.25 percent."

Economic Indicators

Policy Rate	2.25%
USD/NZD	1.6740
GDP Growth	3.8%
M2 Growth	9.6%
10Y Yield	4.51%
2y10y Spread	+0.66%

HISTORICAL TRENDS

Policy Rate

FX Rate

CPI

GDP

10Y Yield

2Y-10Y Spread

Stance

Recent Statements

OCR reduced to 2.5% - The Central Bank 🕊️ Dovish

2025-10-01

⚡ Rate

↑0 ↓2 →0

🔮 Guidance

↑0 ↓2

📝 Classified Sentences

⚡ Rate Cutmp_interest_rate

"On balance, the Committee reached consensus to reduce the OCR by 50 basis points to 2.5 percent."

🔮 Guidance Dovishmp_interest_rate

"The Committee remains open to further reductions in the OCR as required for inflation to settle sustainably near the 2 percent target mid-point in the medium term."

🔮 Guidance Dovishmp_interest_rate

"Lower interest rates will support a recovery in growth."

⚡ Rate Cutmp_interest_rate

"The Committee agreed to reduce the OCR by 50 basis points to 2.5 percent."

OCR lowered to 3% - The Reserve Bank 🕊️ Dovish

2025-08-01

⚡ Rate

↑0 ↓2 →0

🔮 Guidance

↑0 ↓1

📝 Classified Sentences

⚡ Rate Cutmp_interest_rate

"The Monetary Policy Committee today voted to decrease the Official Cash Rate (OCR) by 25 basis points to 3 percent."

🔮 Guidance Dovishmp_interest_rate

"If medium-term inflation pressures continue to ease as expected, there is scope to lower the OCR further."

⚡ Rate Cutmp_interest_rate

"By a majority of 4 votes to 2, the Committee agreed to decrease the OCR by 25 basis points to 3 percent."

OCR: 3.25% - OCR unchanged - The Reserve Bank 🕊️ Dovish

2025-07-01

⚡ Rate

↑0 ↓0 →2

🔮 Guidance

↑0 ↓1

📝 Classified Sentences

🔮 Guidance Dovishmp_interest_rate

"If medium-term inflation pressures continue to ease as projected, the Committee expects to lower the Official Cash Rate further."

⚡ Rate Holdmp_interest_rate

"The Monetary Policy Committee today agreed to hold the Official Cash Rate at 3.25 percent."

⚡ Rate Holdmp_interest_rate

"The Committee agreed to hold the OCR at 3.25 percent."

OCR lowered to 3.25% - The Central Bank 🕊️ Dovish

2025-05-01

⚡ Rate

↑0 ↓3 →0

📝 Classified Sentences

⚡ Rate Cutmp_interest_rate

"The Monetary Policy Committee today voted to lower the OCR by 25 basis points to 3.25 percent."

⚡ Rate Cutmp_interest_rate

"The Committee voted to reduce the OCR to 3.25 percent."

⚡ Rate Cutmp_interest_rate

"By a majority of 5 votes to 1, the Committee agreed to decrease the OCR by 25 basis points from 3.50 percent to 3.25 percent."

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