New Zealand Official Cash Rate (OCR) (New Zealand) - Historical Data
Historical time series of the New Zealand Official Cash Rate (OCR) set by the Reserve Bank of New Zealand (RBNZ) from 1985 to 2026. From 17 Mar 1999 onwards: Official market intervention representative rate, official cash rate; from Jan 1985 to 16 Mar 1999: overnight cash rate. The latest benchmark reading is 2.75% (Sep 2026), corresponding to an ex-post real policy rate of -1.31% after adjusting for New Zealand headline CPI inflation (4.06%).
Current Statistics & Historical Records
Peak monetary tightening by Reserve Bank of New Zealand (New Zealand Official Cash Rate (OCR)).
Lowest policy interest rate stance set by Reserve Bank of New Zealand.
42 annual observations · Monthly
New Zealand Official Cash Rate (OCR) (New Zealand) (1985-2026)
% p.a.Drag to pan, scroll to zoom, or toggle between full archive (1985–2026) and recent monthly observations.
RBNZ Policy Rate Averages by Decade
Decadal mean, peak, and trough across the 1985–2026 archive
| Decade | Years Covered | Decade Mean | Decade High (Year) | Decade Low (Year) |
|---|---|---|---|---|
| 1980s | 1985–1989 | 17.74% | 27.00% (1986) | 13.44% (1988) |
| 1990s | 1990–1999 | 7.41% | 11.25% (1990) | 3.85% (1998) |
| 2000s | 2000–2009 | 5.88% | 8.25% (2007) | 2.50% (2009) |
| 2010s | 2010–2019 | 2.27% | 3.50% (2014) | 1.00% (2019) |
| 2020s | 2020–2026 | 2.86% | 5.50% (2023) | 0.25% (2020) |
Complete Annual Historical Ledger (1985–2026)
Unit: % p.a. · Source: Bank for International Settlements (BIS) & Reserve Bank of New Zealand (WS_CBPOL:M:NZ)
| Year | Annual Value (% p.a.) | Real Policy Rate (CPI-Adj) | Intra-Year Range (Min – Max) | Monetary Regime & Historical Context |
|---|---|---|---|---|
| 2026 | 2.75% | -0.82% | 2.25% – 2.75% | - |
| 2025 | 2.25% | -0.59% | 2.25% – 4.25% | Post-tightening monetary recalibration across advanced and emerging central banks |
| 2024 | 4.25% | +1.32% | 4.25% – 5.50% | G10 policy rates peak and pivot toward gradual monetary normalization |
| 2023 | 5.50% | -0.25% | 4.25% – 5.50% | - |
| 2022 | 4.25% | -2.92% | 0.75% – 4.25% | Global inflation surge triggers fastest synchronized rate hiking cycle in four decades |
| 2021 | 0.75% | -3.19% | 0.25% – 0.75% | - |
| 2020 | 0.25% | -1.47% | 0.25% – 1.00% | COVID-19 pandemic emergency rate cuts and record balance sheet expansion |
| 2019 | 1.00% | -0.62% | 1.00% – 1.75% | - |
| 2018 | 1.75% | +0.15% | 1.75% – 1.75% | - |
| 2017 | 1.75% | -0.10% | 1.75% – 1.75% | - |
| 2016 | 1.75% | +1.10% | 1.75% – 2.50% | Bank of Japan introduces Yield Curve Control (YCC); post-Brexit BoE easing |
| 2015 | 2.50% | +2.21% | 2.50% – 3.50% | - |
| 2014 | 3.50% | +2.27% | 2.50% – 3.50% | ECB and European peers introduce Negative Interest Rate Policy (NIRP) |
| 2013 | 2.50% | +1.37% | 2.50% – 2.50% | - |
| 2012 | 2.50% | +1.44% | 2.50% – 2.50% | - |
| 2011 | 2.50% | -1.55% | 2.50% – 3.00% | European Sovereign Debt Crisis and Swiss franc safe-haven surge |
| 2010 | 3.00% | +0.70% | 2.50% – 3.00% | - |
| 2009 | 2.50% | +0.38% | 2.50% – 3.50% | - |
| 2008 | 5.00% | +1.04% | 5.00% – 8.25% | Global Financial Crisis drives major central banks to the zero lower bound and QE1 |
| 2007 | 8.25% | +5.87% | 7.25% – 8.25% | - |
| 2006 | 7.25% | +3.88% | 7.25% – 7.25% | - |
| 2005 | 7.25% | +4.21% | 6.50% – 7.25% | - |
| 2004 | 6.50% | +4.21% | 5.25% – 6.50% | - |
| 2003 | 5.00% | +3.24% | 5.00% – 5.75% | - |
| 2002 | 5.75% | +3.07% | 4.75% – 5.75% | - |
| 2001 | 4.75% | +2.11% | 4.75% – 6.50% | Dot-com bust and synchronized G10 monetary easing cycle |
| 2000 | 6.50% | +3.89% | 5.25% – 6.50% | - |
| 1999 | 5.00% | +5.11% | 2.75% – 5.00% | Launch of the Euro and establishment of the European Central Bank (ECB) |
| 1998 | 3.85% | +2.58% | 2.90% – 10.10% | - |
| 1997 | 8.35% | +7.16% | 6.35% – 8.35% | Asian Financial Crisis triggers emergency EM currency defense hikes |
| 1996 | 7.90% | +5.62% | 7.90% – 10.05% | - |
| 1995 | 9.00% | +5.24% | 8.30% – 9.65% | - |
| 1994 | 8.30% | +6.56% | 4.90% – 9.50% | Global bond market selloff and pre-emptive Federal Reserve tightening cycle |
| 1993 | 4.80% | +3.51% | 4.80% – 7.75% | - |
| 1992 | 8.45% | +7.44% | 6.05% – 8.45% | European Exchange Rate Mechanism (ERM) crisis and Black Wednesday |
| 1991 | 7.20% | +4.58% | 7.20% – 12.00% | - |
| 1990 | 11.25% | +5.13% | 11.25% – 14.75% | German reunification tightening and Japanese asset bubble peak |
| 1989 | 13.50% | +7.80% | 12.00% – 15.25% | - |
| 1988 | 13.44% | +7.03% | 12.71% – 22.47% | - |
| 1987 | 15.75% | -0.19% | 15.75% – 34.00% | Louvre Accord and Black Monday central bank liquidity provision |
| 1986 | 27.00% | +13.84% | 15.40% – 27.00% | - |
| 1985 | 19.00% | +3.60% | 15.70% – 54.30% | Plaza Accord coordinated G5 currency intervention depreciates USD |
Frequently Asked Questions - RBNZ Policy Rate
What is the current New Zealand Official Cash Rate (OCR)?
As of Sep 2026, the New Zealand Official Cash Rate (OCR) is 2.75% per annum. Adjusted for headline inflation (4.06%), the ex-post real policy rate in New Zealand stands at -1.31%.
What was the highest and lowest Reserve Bank of New Zealand interest rate on record?
Across the 1985-2026 archive, the New Zealand Official Cash Rate (OCR) reached a record high of 54.30% in Feb 1985 and a record low of 0.25% in Mar 2020. The long-run annual mean is 6.29%.
What is the Reserve Bank of New Zealand inflation target?
The Reserve Bank of New Zealand operates with an official inflation target of 1.0%-3.0% Medium-Term Band (2.0% Midpoint). Its statutory mandate is: Achieve and maintain stability in the general level of prices over the medium term.
Source Metadata & Methodology Notes
- Primary Institution:
- Bank for International Settlements (BIS) & Reserve Bank of New Zealand
- Dataset / Dataflow:
- BIS Central Bank Policy Rates (WS_CBPOL)
- Canonical Series ID:
- WS_CBPOL:M:NZ
- Reuse & License:
- Terms of permitted use of BIS statistics
- Primary compilation: From 17 Mar 1999 onwards: Official market intervention representative rate, official cash rate; from Jan 1985 to 16 Mar 1999: overnight cash rate.
- Reporting agency: Reserve Bank of New Zealand; harmonized and disseminated via the BIS WS_CBPOL statistical dataflow.
- Annual table values represent the year-end (December or latest available month) policy rate reading; minimum and maximum columns record the intra-year policy rate corridor.
- Ex-Post Real Policy Rate series is computed as Nominal Policy Rate (% p.a.) minus contemporaneous year-on-year Headline CPI Inflation (% from BIS WS_LONG_CPI).
Cite This Dataset (APA & BibTeX)
@misc{cbd_cbpol_new_zealand,
author = {CentralBankData.com},
title = {New Zealand Official Cash Rate (OCR) (New Zealand)},
note = {Compiled from Bank for International Settlements WS_CBPOL:M:NZ},
year = {2026},
url = {https://centralbankdata.com/new-zealand-official-cash-rate}
}