New Zealand Official Cash Rate (OCR) in New Zealand

Reserve Bank of New Zealand · Per meeting · Importance

2.75% (3 Sep) ABS · % · Daily · CSV
Period%
Sep 2026 2.75%
Jul 2026 2.50%
Nov 2025 2.25%
Oct 2025 2.50%
Aug 2025 3.00%
May 2025 3.25%
Apr 2025 3.50%
Feb 2025 3.75%
Nov 2024 4.25%
Oct 2024 4.75%
Aug 2024 5.25%
May 2023 5.50%
Apr 2023 5.25%
Feb 2023 4.75%
Nov 2022 4.25%
Oct 2022 3.50%
Aug 2022 3.00%
Jul 2022 2.50%
May 2022 2.00%
Apr 2022 1.50%
Feb 2022 1.00%
Nov 2021 0.75%
Oct 2021 0.50%
Mar 2020 0.25%
Aug 2019 1.00%
May 2019 1.50%
Jan 2018 1.75%

About this indicator

Source
Reserve Bank of New Zealand (RBNZ)
Frequency
Per meeting
Release
At each RBNZ Monetary Policy Review (seven a year; eight from 2027), 14:00 New Zealand time.
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.