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Toitū te Ōhanga, Toitū te Oranga

We enable economic wellbeing and prosperity for all New Zealanders.

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Insurers

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5.5 %

Official Cash Rate

On 29 November 2023, the Monetary Policy Committee agreed to maintain the Official Cash Rate (OCR) at 5.5%.

Next Update: 28 February 2024

Read the announcement

Monetary Policy Statement — November 2023

Download the November Monetary Policy Statement and view our graph of OCR projections.

Read the MPS

Smiling middle aged woman standing alone on sidewalk in an urban area

Depositor Compensation Scheme explained

The DCS will protect your money if a bank, building society, credit union or finance company fails.

Read our explainer

Statistics highlights

5.6 y/y%

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

3.9 %

The unemployment rate reflects conditions in the labour market and economy overall. It gives a sense of the number of people seeking work.

USD

United States dollar

0.61750

GBP

UK pound sterling

0.48835

AUD

Australian dollar

0.93355

EUR

European euro

0.56635

CAD

Canadian dollar

0.83615

JPY

Japanese yen

91.23870

Useful links

Bank Financial Strength Dashboard Statistics Release Calendar More statistics

Our latest news

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29 November 2023

Monetary policy to remain restrictive

The Monetary Policy Committee today agreed to maintain the Official Cash Rate at 5.50%.

07 November 2023

RBNZ announces key decisions on review of policy for branches of overseas banks

The Reserve Bank of New Zealand – Te Pūtea Matua is nearing completion of its Branch Policy review and is now seeking views on implementation considerations.

01 November 2023

Financial system still adjusting to higher interest rates

New Zealand’s financial system remains strong as it adjusts to a higher interest rate environment, Deputy Governor Christian Hawkesby says in releasing the November 2023 Financial Stability Report.

30 October 2023

New Zealand's financial system resilience compares well with advanced economies'

Advanced economies’ financial systems have been largely resilient to risks arising from higher interest rates so far. However, the full impact is still to be seen and some areas of concern are emerging, according to an extract from the upcoming Reserve Bank of New Zealand – Te Pūtea Matua Financial Stability Report.

26 October 2023

Farmers facing heightened challenges

The agricultural sector is facing difficult economic conditions, because of low dairy, meat and forestry prices, high operating expenses and increased debt servicing costs.