RBNZ · NZD•Est. 1934 · Wellington•Mandate Target: 1.0%-3.0% Medium-Term Band (2.0% Midpoint)
Reserve Bank of New Zealand (RBNZ) - Monetary Ledger
Achieve and maintain stability in the general level of prices over the medium term. Explore all six canonical primary-source time series for New Zealand (New Zealand Dollar, NZD): policy rate history, CPI inflation vs. target, consolidated central bank assets in USD and % of GDP, international gold & FX reserves, and real effective exchange rates.
Six Canonical Reserve Bank of New Zealand Datasets
Central Bank Interest Rates1985–2026
New Zealand Official Cash Rate (OCR) (New Zealand)
Latest (Sep 2026)2.75%
Record High54.30% (1985)
Central Bank Balance Sheets (USD)1993–2026
Reserve Bank of New Zealand Balance Sheet Total Assets (USD)
Latest (Jul 2026)$42.94B
Record High$64.41B (2023)
Central Bank Assets Share of GDP1993–2026
Reserve Bank of New Zealand Balance Sheet Share of GDP (New Zealand)
Latest (2026 Q1)17.65%
Record High26.33% (2022)
Consumer Price Inflation Rates & Targets1915–2026
New Zealand Inflation Rate (CPI YoY %)
Latest (Jun 2026)4.06%
Record High18.94% (1987)
Foreign Exchange & Gold Reserves1960–2025
New Zealand Foreign Exchange & Gold Reserves (USD)
Latest (2025)$28.15B
Record High$28.15B (2025)
Real Effective Exchange Rates (REER)1964–2026
New Zealand Dollar (NZD) Real Effective Exchange Rate (REER)
Latest (Sep 2026)100.15
Record High116.76 (2014)
Reserve Bank of New Zealand Policy Rate & Balance Sheet Trajectories
Reserve Bank of New Zealand · NZD
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.
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Source: Bank for International Settlements (BIS) & Reserve Bank of New Zealand (WS_CBPOL:M:NZ)
Latest: 2.75% (Sep 2026)
· Real Rate: -1.31%
Reserve Bank of New Zealand · NZD
Reserve Bank of New Zealand Balance Sheet Total Assets (USD) (1993-2026)
USD BillionsDrag to pan, scroll to zoom, or toggle between full archive (1993–2026) and recent monthly observations.
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Source: Bank for International Settlements (BIS) (WS_CBTA:M:NZ:B:USD:_Z:B)
Latest: $42.94B (Jul 2026)
Reserve Bank of New Zealand Bilateral Rate Differentials
Consolidated Annual Monetary Ledger - Reserve Bank of New Zealand
Annual policy rate, headline CPI, ex-post real rate, balance sheet assets ($B & % GDP), reserves ($B), and REER index
| Year | Policy Rate | CPI (YoY) | Real Rate | Assets ($B USD) | Assets (% GDP) | Reserves ($B) | REER (2020=100) |
|---|---|---|---|---|---|---|---|
| 2026 | 2.75% | 3.57% | -0.82% | $42.94B | 17.65% | - | 101.54 |
| 2025 | 2.25% | 2.84% | -0.59% | $41.64B | 16.21% | $28.15B | 102.57 |
| 2024 | 4.25% | 2.93% | +1.32% | $50.08B | 20.90% | $22.07B | 106.66 |
| 2023 | 5.50% | 5.75% | -0.25% | $57.85B | 22.21% | $15.49B | 105.80 |
| 2022 | 4.25% | 7.17% | -2.92% | $64.11B | 26.20% | $14.40B | 104.65 |
| 2021 | 0.75% | 3.94% | -3.19% | $60.92B | 25.28% | $16.11B | 106.38 |
| 2020 | 0.25% | 1.72% | -1.47% | $52.57B | 22.44% | $13.73B | 100.00 |
| 2019 | 1.00% | 1.62% | -0.62% | $16.59B | 7.69% | $17.81B | 100.91 |
| 2018 | 1.75% | 1.60% | +0.15% | $19.95B | 9.83% | $17.66B | 102.53 |
| 2017 | 1.75% | 1.85% | -0.10% | $20.48B | 10.05% | $20.68B | 107.08 |
| 2016 | 1.75% | 0.65% | +1.10% | $18.37B | 9.90% | $17.81B | 105.23 |
| 2015 | 2.50% | 0.29% | +2.21% | $16.11B | 9.36% | $14.70B | 104.42 |
| 2014 | 3.50% | 1.23% | +2.27% | $17.57B | 9.33% | $15.86B | 113.30 |
| 2013 | 2.50% | 1.13% | +1.37% | $18.33B | 9.76% | $16.32B | 109.67 |
| 2012 | 2.50% | 1.06% | +1.44% | $20.82B | 11.71% | $17.58B | 106.71 |
| 2011 | 2.50% | 4.05% | -1.55% | $17.59B | 10.77% | $17.01B | 104.02 |
| 2010 | 3.00% | 2.30% | +0.70% | $17.77B | 11.32% | $16.72B | 100.15 |
| 2009 | 2.50% | 2.12% | +0.38% | $17.42B | 12.45% | $15.59B | 92.21 |
| 2008 | 5.00% | 3.96% | +1.04% | $14.85B | 13.60% | $11.05B | 98.91 |
| 2007 | 8.25% | 2.38% | +5.87% | $17.75B | 12.52% | $17.25B | 106.61 |
| 2006 | 7.25% | 3.37% | +3.88% | $14.59B | 12.28% | $14.07B | 99.53 |
| 2005 | 7.25% | 3.04% | +4.21% | $9.40B | 8.56% | $8.89B | 107.35 |
| 2004 | 6.50% | 2.29% | +4.21% | $8.46B | 7.66% | $6.95B | 101.93 |
| 2003 | 5.00% | 1.76% | +3.24% | $8.16B | 8.79% | $6.09B | 95.13 |
| 2002 | 5.75% | 2.68% | +3.07% | $6.67B | 9.51% | $4.96B | 83.46 |
| 2001 | 4.75% | 2.64% | +2.11% | $4.51B | 8.60% | $3.56B | 76.10 |
| 2000 | 6.50% | 2.61% | +3.89% | $4.93B | 9.46% | $3.95B | 77.15 |
| 1999 | 5.00% | -0.11% | +5.11% | $5.40B | 9.36% | $4.46B | 85.64 |
| 1998 | 3.85% | 1.27% | +2.58% | $4.93B | 8.82% | $4.20B | 90.17 |
| 1997 | 8.35% | 1.19% | +7.16% | $5.88B | 9.71% | $4.45B | 101.65 |
| 1996 | 7.90% | 2.28% | +5.62% | $6.33B | 8.90% | $5.95B | 100.13 |
| 1995 | 9.00% | 3.76% | +5.24% | $5.23B | 8.45% | $4.41B | 93.92 |
| 1994 | 8.30% | 1.74% | +6.56% | $4.56B | 7.99% | $3.71B | 88.12 |
| 1993 | 4.80% | 1.29% | +3.51% | $4.24B | 9.16% | $3.34B | 78.36 |
| 1992 | 8.45% | 1.01% | +7.44% | - | - | $3.08B | 76.78 |
| 1991 | 7.20% | 2.62% | +4.58% | - | - | $2.95B | 84.37 |
| 1990 | 11.25% | 6.12% | +5.13% | - | - | $4.13B | 89.28 |
| 1989 | 13.50% | 5.70% | +7.80% | - | - | $3.03B | 90.35 |
| 1988 | 13.44% | 6.41% | +7.03% | - | - | $2.85B | 96.01 |
| 1987 | 15.75% | 15.94% | -0.19% | - | - | $3.27B | 91.12 |
| 1986 | 27.00% | 13.16% | +13.84% | - | - | $3.78B | 78.76 |
| 1985 | 19.00% | 15.40% | +3.60% | - | - | $1.60B | 76.94 |
| 1984 | - | 6.15% | - | - | - | $1.79B | 74.69 |
| 1983 | - | 7.48% | - | - | - | $0.79B | 82.04 |
| 1982 | - | 16.18% | - | - | - | $0.65B | 85.99 |
| 1981 | - | 15.36% | - | - | - | $0.68B | 83.48 |
| 1980 | - | 17.20% | - | - | - | $0.37B | 85.36 |
| 1979 | - | 13.63% | - | - | - | $0.47B | 85.37 |
| 1978 | - | 12.03% | - | - | - | $0.47B | 83.10 |
| 1977 | - | 14.36% | - | - | - | $0.45B | 81.00 |
| 1976 | - | 16.93% | - | - | - | $0.49B | 79.07 |
| 1975 | - | 14.65% | - | - | - | $0.43B | 86.18 |
| 1974 | - | 11.09% | - | - | - | $0.64B | 95.53 |
| 1973 | - | 8.15% | - | - | - | $1.05B | 95.81 |
| 1972 | - | 6.96% | - | - | - | $0.83B | 92.83 |
| 1971 | - | 10.40% | - | - | - | $0.49B | 91.96 |
| 1970 | - | 6.50% | - | - | - | $0.26B | 88.17 |
| 1969 | - | 4.93% | - | - | - | $0.21B | 87.56 |
| 1968 | - | 4.32% | - | - | - | $0.16B | 87.04 |
| 1967 | - | 6.05% | - | - | - | $0.22B | 104.69 |
| 1966 | - | 2.76% | - | - | - | $0.18B | 103.77 |
| 1965 | - | 3.41% | - | - | - | $0.17B | 104.74 |
| 1964 | - | 3.47% | - | - | - | $0.26B | 104.72 |
| 1963 | - | 1.97% | - | - | - | $0.21B | - |
| 1962 | - | 2.69% | - | - | - | $0.25B | - |
| 1961 | - | 1.79% | - | - | - | $0.18B | - |
| 1960 | - | 0.70% | - | - | - | $0.29B | - |
| 1959 | - | 3.89% | - | - | - | - | - |
| 1958 | - | 4.43% | - | - | - | - | - |
| 1957 | - | 2.18% | - | - | - | - | - |
| 1956 | - | 3.48% | - | - | - | - | - |
| 1955 | - | 2.51% | - | - | - | - | - |
| 1954 | - | 4.64% | - | - | - | - | - |
| 1953 | - | 4.52% | - | - | - | - | - |
| 1952 | - | 7.85% | - | - | - | - | - |
| 1951 | - | 11.00% | - | - | - | - | - |
| 1950 | - | 5.68% | - | - | - | - | - |
| 1949 | - | 1.66% | - | - | - | - | - |
| 1948 | - | 7.97% | - | - | - | - | - |
| 1947 | - | 3.27% | - | - | - | - | - |
| 1946 | - | 0.77% | - | - | - | - | - |
| 1945 | - | 1.37% | - | - | - | - | - |
| 1944 | - | 1.74% | - | - | - | - | - |
| 1943 | - | 2.45% | - | - | - | - | - |
| 1942 | - | 3.26% | - | - | - | - | - |
| 1941 | - | 3.72% | - | - | - | - | - |
| 1940 | - | 4.17% | - | - | - | - | - |
| 1939 | - | 4.57% | - | - | - | - | - |
| 1938 | - | 2.96% | - | - | - | - | - |
| 1937 | - | 7.01% | - | - | - | - | - |
| 1936 | - | 2.83% | - | - | - | - | - |
| 1935 | - | 3.74% | - | - | - | - | - |
| 1934 | - | 1.38% | - | - | - | - | - |
| 1933 | - | -4.45% | - | - | - | - | - |
| 1932 | - | -7.83% | - | - | - | - | - |
| 1931 | - | -7.77% | - | - | - | - | - |
| 1930 | - | -1.98% | - | - | - | - | - |
| 1929 | - | -0.28% | - | - | - | - | - |
| 1928 | - | 0.08% | - | - | - | - | - |
| 1927 | - | -0.81% | - | - | - | - | - |
| 1926 | - | -0.24% | - | - | - | - | - |
| 1925 | - | 0.59% | - | - | - | - | - |
| 1924 | - | 2.15% | - | - | - | - | - |
| 1923 | - | -2.62% | - | - | - | - | - |
| 1922 | - | -10.92% | - | - | - | - | - |
| 1921 | - | 3.29% | - | - | - | - | - |
| 1920 | - | 13.65% | - | - | - | - | - |
| 1919 | - | 7.57% | - | - | - | - | - |
| 1918 | - | 12.32% | - | - | - | - | - |
| 1917 | - | 9.76% | - | - | - | - | - |
| 1916 | - | 7.95% | - | - | - | - | - |
| 1915 | - | 8.20% | - | - | - | - | - |