🇳🇿

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% in response to weak economic activity and rising inflation, which is expected to moderate. The decision aims to stimulate household spending and support the economic recovery while balancing risks associated with inflation and global economic conditions.

Annual consumer price inflation rose to 3% in the September quarter but is projected to decline to around 2% by mid-2026 due to spare capacity in the economy.
The economic recovery has been slow, but lower interest rates are expected to encourage household spending and stabilize the labor market.
Future OCR adjustments will depend on the evolving outlook for medium-term inflation and economic performance.

⚡ 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	1.7519
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

2025-10-01

⚡ 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 Reserve 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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