Official Cash Rate (OCR) in New Zealand

Banco de la Reserva de Nueva Zelanda · Per meeting · Importance 95

2.50% (9 Jul) ABS · % · Diario · CSV

About this indicator

Source	Reserve Bank of New Zealand (RBNZ)
Frequency	Per meeting
Release	En cada Reunion de Politica Monetaria del RBNZ (7 al ano; 8 desde 2027), a las 14:00 hora de Nueva Zelanda (Pacific/Auckland)
What it is	The Official Cash Rate (OCR) is the benchmark rate set by the Reserve Bank of New Zealand (RBNZ). It is its main monetary policy tool: it remunerates commercial banks' balances at the central bank and influences all other rates in the economy.
How it's calculated	The RBNZ's Monetary Policy Committee sets the OCR at its meetings (the Monetary Policy Statement, which carries projections, or the Monetary Policy Review). The chosen level stays in force until the next decision changes it.
Market implications	An OCR hike raises borrowing costs to curb inflation and tends to lift the New Zealand dollar (NZD); a cut lowers borrowing costs to stimulate the economy and tends to weaken the NZD. It is one of the highest-impact events for the NZD.
Limitations	The OCR changes only on decision dates (a step function), so the series repeats the last level between meetings. Its effect on inflation and activity comes through with a lag of several quarters.