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Toitū te Ōhanga, Toitū te Oranga

We enable economic wellbeing and prosperity for all New Zealanders.

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3.50 %

Official Cash Rate

On 9 April 2025, the Monetary Policy Committee agreed to reduce the OCR to 3.50%.

Updated: 2:00pm, 9 Apr 2025

Next update: 2:00pm, 28 May 2025

Read the announcement

Kiwi-GDP

Check out Kiwi-GDP, which presents estimates of quarterly GDP growth using one of our economic models.

Coin interactive opening slide showing 5 coins

Explore our coins

Use our interactive to learn what New Zealand coins look like, and their unique designs.

Statistics highlights

3.50 %

We set the OCR to influence interest rates. We use our influence to keep inflation low and stable.

2.5 y/y%

Consumers Price Index (CPI) inflation occurs when the prices of a range of goods and services rise on average.

USD

United States dollar

0.59135

GBP

UK pound sterling

0.44745

AUD

Australian dollar

0.92970

EUR

European euro

0.52020

CAD

Canadian dollar

0.82065

JPY

Japanese yen

84.38865

Our latest news

View all news

17 April 2025

AG/GM Strategy, Engagement and Sustainability leaving RBNZ

RBNZ’s Assistant Governor/General Manager Strategy, Engagement and Sustainability Simone Robbers will be leaving Te Pūtea Matua at the end of May 2025 after six years in the role.

16 April 2025

The Reserve Bank of New Zealand’s Five Year Funding Agreement published 

The Minister of Finance has today published the Reserve Bank of New Zealand's (RBNZ) Five Year Funding Agreement (FYFA). The FYFA sets the RBNZ’s core operating expenditure from 1 July 2025 through to 30 June 2030.  

15 April 2025

Forecasting (conditionally) charting the path forward

Knowing the current state of the economy and where it is likely headed are key to making interest rate decisions today that keep inflation low and stable in future, Chief Economist Paul Conway says.

09 April 2025

OCR: 3.5% - Further reduction in OCR appropriate

Monetary Policy Review media release and the MPC’s Record of Meeting, which summarises the committee's discussions, leading to the decision.

09 April 2025

Recruitment of new External Member to the Monetary Policy Committee

A public appointment process has started for a new external member of the Reserve Bank of New Zealand’s Monetary Policy Committee (MPC) to replace Professor Bob Buckle when his term expires on 30 September 2025.

08 April 2025

Christian Hawkesby appointed as Governor of the RBNZ for 6 months

Christian Hawkesby has been appointed as Governor of the Reserve Bank of New Zealand for a six-month term by the Minister of Finance, upon the recommendation of the RBNZ Board.