01
1999–2008
OCR framework established
The OCR became the central operating rate within New Zealand’s inflation-targeting regime.
NZ
BONDSTATS / RBNZ
OFFICIAL-SOURCE ARCHIVE
New Zealand · NZD · MONETARY POLICY
Reserve Bank of New Zealand
Interest Rate History
The Official Cash Rate was introduced in March 1999. RBNZ publishes an unusually accessible decision timeline, making the OCR one of the cleaner policy-rate histories for direct comparison.
CURRENT PHASERenewed tightening
LATEST RATE MOVE+25 bp · Sep 2, 2026
HISTORY LOW*0.25%
HISTORY HIGH*5.50%
LARGEST MOVE*-75 bp
01
Policy-rate path
*Statistics refer to the selected points displayed in this BondStats archive, not necessarily the bank’s all-time extremes.
Selected OCR changes from the pandemic cycle onward, plus the current decision. The official RBNZ archive extends back to 1999.24 displayed rate changes
02
Policy regime timeline
02
2008–2019
GFC cuts and low-rate cycle
The OCR fell sharply during the crisis and later moved through several smaller tightening and easing phases.
03
2020–2021
Pandemic emergency policy
The OCR was cut to 0.25% while LSAP and funding tools carried much of the additional easing.
04
2021–2023
Aggressive tightening
The RBNZ became one of the earliest major central banks to hike, ultimately reaching 5.50%.
05
2024–2026
Deep easing, then reversal
Cuts took the OCR to 2.25% before renewed 2026 hikes lifted it to 2.75%.
04
Rate-change archive
Latest first · selected official changes and major transition points
| Date | Policy rate / target | Move | Context |
|---|---|---|---|
| 2026-09-02 | 2.75% | +25 bp | Latest verified decision |
| 2026-07-08 | 2.50% | +25 bp | Official rate change |
| 2025-11-26 | 2.25% | -25 bp | Official rate change |
| 2025-10-08 | 2.50% | -50 bp | Official rate change |
| 2025-08-20 | 3.00% | -25 bp | Official rate change |
| 2025-05-28 | 3.25% | -25 bp | Official rate change |
| 2025-04-09 | 3.50% | -25 bp | Official rate change |
| 2025-02-19 | 3.75% | -50 bp | Official rate change |
| 2024-11-27 | 4.25% | -50 bp | Official rate change |
| 2024-10-09 | 4.75% | -50 bp | Official rate change |
| 2024-08-14 | 5.25% | -25 bp | Official rate change |
| 2023-05-24 | 5.50% | +25 bp | Official rate change |
| 2023-04-05 | 5.25% | +50 bp | Official rate change |
| 2023-02-22 | 4.75% | +50 bp | Official rate change |
| 2022-11-23 | 4.25% | +75 bp | Official rate change |
| 2022-10-05 | 3.50% | +50 bp | Official rate change |
| 2022-08-17 | 3.00% | +50 bp | Official rate change |
| 2022-07-13 | 2.50% | +50 bp | Official rate change |
| 2022-05-25 | 2.00% | +50 bp | Official rate change |
| 2022-04-13 | 1.50% | +50 bp | Official rate change |
| 2022-02-23 | 1.00% | +25 bp | Official rate change |
| 2021-11-24 | 0.75% | +25 bp | Official rate change |
| 2021-10-06 | 0.50% | +25 bp | Official rate change |
| 2020-03-16 | 0.25% | -75 bp | Emergency pandemic cut |
| 2020-02-12 | 1.00% | Hold | Official rate change |
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