🇳🇿

Reserve Bank of New Zealand

NZD · Official Website

Latest Statement

🕊️ Dovish

2025-11-26

The Reserve Bank of New Zealand has lowered the Official Cash Rate (OCR) to 2.25% to support economic recovery amidst weak activity and rising inflation. While inflation is currently at 3%, it is expected to moderate 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% to stimulate economic activity.
Annual consumer price inflation has risen to 3%, but is projected to decline to approximately 2% by mid-2026.
Economic activity is showing signs of recovery, aided by lower interest rates and a stabilizing labor market.
Risks to the inflation outlook are balanced, with potential for both slower recovery due to cautious behavior and faster recovery if domestic demand responds positively to lower rates.

⚡ 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	2.50%
USD/NZD	1.7519
GDP Growth	3.7%
M2 Growth	9.6%
10Y Yield	4.46%
2y10y Spread	+0.61%

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

2025-10-08

⚡ 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 Central Bank 🕊️ Dovish

2025-08-20

⚡ 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

2025-07-09

⚡ 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

2025-05-28

⚡ 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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