Interest rate decision · New Zealand
New Zealand RBNZ Interest Rate Decision
The New Zealand RBNZ Interest Rate Decision is the Reserve Bank of New Zealand's announcement of its main policy rate, the official cash rate (OCR). It is the price of money in New Zealand: banks' borrowing costs, mortgage and loan rates and the return on cash all move with it.
- Importancia
- High
- Publicado
- About every six weeks
- Próxima publicación
- Divisa
- NZD · New Zealand dollar
- Banco central
- The Reserve Bank of New Zealand
Últimas cifras
El último dato se publicó el 2026-10-28 y fue 2.75%. Está por debajo del consenso de 3.0%. No cambia respecto a 2.75% la vez anterior.
A lower rate than expected usually weakens the New Zealand dollar, lowers bond yields and supports stocks.
En las últimas 12 publicaciones osciló entre 2.25% y 3.50%, con una media de 2.71%.
| Publicado | Para | Real | Consenso | Anterior |
|---|---|---|---|---|
| 28 Oct 2026 | – | 2.75% | 3.0% | 2.75% |
| 2 Sep 2026 | – | 2.75% | 2.75% | 2.5% |
| 8 Jul 2026 | – | 2.5% | 2.50% | 2.25% |
| 27 May 2026 | – | 2.25% | 2.25% | 2.25% |
| 8 Apr 2026 | – | 2.25% | 2.25% | 2.25% |
| 18 Feb 2026 | – | 2.25% | 2.25% | 2.25% |
| 26 Nov 2025 | – | 2.25% | 2.25% | 2.5% |
| 8 Oct 2025 | – | 2.5% | 2.75% | 3% |
| 20 Aug 2025 | – | 3% | 3% | 3.25% |
| 9 Jul 2025 | – | 3.25% | 3.25% | 3.25% |
| 28 May 2025 | – | 3.25% | 3.25% | 3.5% |
| 9 Apr 2025 | – | 3.5% | 3.5% | 3.75% |
Por qué importa
No release moves markets more directly. The rate decides what holding the New Zealand dollar pays, so the currency, government bond yields, bank shares and the whole stock market react within seconds. Markets usually price the decision in advance, so the surprise, and the tone of the statement and press conference, matter as much as the number: a hold with a hawkish message can lift the currency more than an expected hike.
Cómo se calcula
There is nothing to calculate: the rate is set by a vote of the central bank's policy committee at scheduled meetings. The committee weighs inflation against its target, the labour market, growth and financial conditions. Most decisions move in steps of 0.25 percentage point; 0.50 or more signals urgency.
Taylor rule (a rough guide many economists use):
rate ≈ neutral rate + inflation + 0.5 × (inflation − target) + 0.5 × output gapQué significan los cambios
- Compare the decision with the consensus: a surprise move is rare and causes the largest reactions.
- Read the statement for changes in wording; "further tightening may be needed" versus "policy is appropriate" is what traders act on.
- Look at the vote split: dissents in one direction often foreshadow the next move.
- A hike or hawkish hold usually lifts the New Zealand dollar and bond yields; a cut or dovish tone does the opposite. Stocks usually prefer lower rates unless the cut signals a weakening economy.
Mayor de lo esperado: A higher rate than expected (or a hawkish surprise) usually lifts the New Zealand dollar and bond yields and weighs on stocks.
Menor de lo esperado: A lower rate than expected usually weakens the New Zealand dollar, lowers bond yields and supports stocks.
Una breve historia
Central banks have set lending rates since the Bank of England raised its Bank Rate in the 18th and 19th centuries to defend its gold reserves. Since New Zealand adopted formal inflation targeting in 1990, most central banks set rates to keep inflation near a target, usually 2%.
New Zealand was the first country to adopt formal inflation targeting, in 1990.
Preguntas
What is the New Zealand RBNZ Interest Rate Decision?
The New Zealand RBNZ Interest Rate Decision is the Reserve Bank of New Zealand's announcement of its main policy rate, the official cash rate (OCR). It is the price of money in New Zealand: banks' borrowing costs, mortgage and loan rates and the return on cash all move with it.
What was the latest New Zealand RBNZ Interest Rate Decision?
2.75%, published on 28 October 2026 (consensus 3.0%, previous 2.75%).
When is the next New Zealand RBNZ Interest Rate Decision?
On Wednesday 9 December 2026 at 01:00 UTC.
When is the New Zealand RBNZ Interest Rate Decision announced?
On the dates of the Reserve Bank of New Zealand's scheduled policy meetings, published a year in advance; the calendar above shows the next one.
Why do markets move before the decision?
Interest-rate futures and swaps price the expected decision days ahead; on the day, only the difference from those expectations moves prices.
Solo contenido educativo, no asesoramiento de inversión. Las cifras son los resultados publicados según los registra nuestro calendario; las reacciones del mercado descritas son típicas, no garantizadas.