Reserve Bank of New Zealand policy-rate history
New Zealand's Official Cash Rate. The page separates the rate's effective date, source coverage, successful retrieval time and official decision evidence.
Updated Official Cash Rate effective 3 Sept 2026
Official Cash Rate
2.75%
Comparison series; direct source unavailable
Previous observation
2.50%
Effective 9 Jul 2026
Last verified change
+0.25 pp (+25 bp)
hike effective 3 Sept 2026
Next meeting
28 Oct 2026
Scheduled monetary policy decision
Latest data: Sep 18, 2026 · This update may be older than usual.
Rate effective 3 Sept 2026 (Source observation date). Currency: NZD.
Source observations run through 18 Sept 2026. This coverage date may precede the effective date or retrieval time.
Previous 12 months
Complete twelve-month coverage is available. Counts include verified transitions in the available period.
Verified changes
4
2 hikes · 2 cuts · 0 source-confirmed holds
Net rate change
-0.25 pp (-25 bp)
Year-over-year difference -0.25 pp (-25 bp)
Highest observed rate
3.00%
21 Aug 2025
Lowest observed rate
2.25%
27 Nov 2025
Days since last change
25
Based on a verified rate transition
Meeting time zone: Pacific/Auckland. Calendar last verified 25 Sept 2026, 13:49 UTC. Reserve Bank of New Zealand OCR decision schedule
Meeting-calendar updates are temporarily paused. The date shown may not include a recent official revision.
Policy-rate history
Historical observations use the published instrument and source dates shown below. Coverage begins 17 Mar 1999.
Policy changes
Decision labels identify whether the source stated the outcome or the rate history implies a transition.
Data basis: Official Cash Rate. Comparison series: BIS central-bank policy rate series where direct historical coverage is unavailable..