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Monetary policy decisions

This page provides a timeline of our monetary policy decisions, with links to the related media releases.

How we use monetary policy

We use monetary policy to maintain price stability and support maximum sustainable employment. The current Monetary Policy Committee remit requires us to keep inflation between 1% and 3% on average over the medium term, with a focus on keeping future average inflation near the 2% target midpoint and supporting maximum sustainable employment.

Official cash rate and monetary tools

The official cash rate (OCR) has been our primary monetary policy tool since it was introduced in 1999. During the recent COVID-19 pandemic, our ability to lower the OCR became constrained, so we expanded our monetary policy toolkit.

Read more on our full suite of monetary tools

We review the settings of our monetary policy tools seven times a year – four times at the release of the Monetary Policy Statement, and three times at the Monetary Policy Review (MPR).

Timeline of our OCR announcements since November 1999

 

Dates and links for news releases OCR Other tools
13 July 2022 2.5  
25 May 2022 2.00  
13 April 2022 1.50   
23 February 2022 1.00   
24 November 2021  0.75  
6 October 2021 0.50   
18 August 2021 0.25
14 July 2021 0.25 Additional asset purchases under the Large-scale Asset Purchases (LSAP) programme halted by 23 July 2021.
26 May 2021 0.25
14 April 2021 0.25
24 February 2021 0.25
11 November 2020 0.25 Funding for Lending Programme (FLP) announced for deployment in December 2020.
23 September 2020 0.25  
12 August 2020 0.25 Large-scale Asset Purchase (LSAP) programme expanded to include up to $100 billion of bond purchases.
24 June 2020 0.25
13 May 2020 0.25 LSAP programme expanded to include up to $60 billion of bond purchases. NZ government inflation-indexed bonds added to eligible purchases.
7 April 2020 0.25 $3 billion of Local Government Funding Agency (LGFA) bonds added to potential LSAP.
23 March 2020 0.25 LSAP of up to $30 billion of NZ government bonds announced. LSAP of up to $30 billion of NZ government bonds announced.
16 March 2020 0.25 Forward guidance that OCR will remain at this level for at least 12 months.
12 February 2020 1.00  
13 November 2019 1.00  
25 September 2019
1.00  
7 August 2019
1.00  
26 June 2019 1.50  
8 May 2019 1.50  
27 March 2019 1.75  
13 February 2019 1.75  
8 November 2018 1.75  
27 September 2018 1.75  
9 August 2018 1.75  
28 June 2018 1.75  
10 May 2018 1.75  
22 March 2018  1.75  
8 February 2018 1.75  
9 November 2017 1.75   
28 September 2017 1.75   
10 August 2017 1.75   
22 June 2017 1.75  
11 May 2017 1.75  
23 March 2017 1.75  
9 February 2017 1.75  
10 November 2016 1.75  
22 September 2016  2.00  
11 August 2016 2.00  
9 June 2016 2.25  
28 April 2016 2.25  
10 March 2016  2.25  
28 January 2016 2.50  
10 December 2015 2.50  
29 October 2015 2.75  
10 September 2015 2.75  
23 July 2015 3.00  
11 June 2015  3.25  
30 April 2015 3.50  
12 March 2015 3.50  
29 January 2015 3.50  
11 December 2014 3.50  
30 October 2014 3.50  
11 September 2014 3.50  
24 July 2014 3.50  
12 June 2014 3.25  
24 April 2014  3.00  
13 March 2014  2.75  
30 January 2014 2.50  
12 December 2013 2.50  
31 October 2013 2.50  
12 September 2013 2.50  
25 July 2013 2.50  
13 June 2013 2.50  
24 April 2013  2.50  
14 March 2013 2.50  
31 January 2013 2.50  
6 December 2012 2.50  
25 October 2012 2.50  
13 September 2012 2.50  
26 July 2012 2.50  
14 June 2012 2.50  
26 April 2012 2.50  
8 March 2012 2.50  
26 January 2012 2.50  
8 December 2011 2.50  
27 October 2011 2.50  
15 September 2011 2.50  
28 July 2011 2.50  
9 June 2011 2.50  
28 April 2011 2.50  
10 March 2011 2.50  
27 January 2011  3.00  
9 December 2010 3.00  
28 October 2010 3.00  
16 September 2010 3.00  
29 July 2010 3.00  
10 June 2010 2.75  
29 April 2010 2.50  
11 March 2010 2.50  
28 January 2010 2.50  
10 December 2009 2.50  
29 October 2009  2.50  
10 September 2009 2.50  
30 July 2009 2.50  
11 June 2009 2.50  
30 April 2009 2.50  
12 March 2009 3.00  
29 January 2009 3.50  
4 December 2008 5.00  
23 October 2008  6.50  
11 September 2008 7.50  
24 July 2008  8.00  
5 June 2008 8.25  
24 April 2008  8.25  
6 March 2008 8.25  
24 January 2008  8.25  
6 December 2007 8.25  
25 October 2007 8.25  
13 September 2007 8.25  
26 July 2007 8.25  
7 June 2007 8.00  
26 April 2007  7.75  
8 March 2007  7.50  
25 January 2007 7.25  
7 December 2006 7.25  
26 October 2006 7.25  
14 September 2006 7.25  
27 July 2006 7.25  
8 June 2006  7.25  
27 April 2006 7.25  
9 March 2006  7.25  
26 January 2006 7.25  
8 December 2005 7.25  
27 October 2005 7.00  
15 September 2005 6.75  
28 July 2005 6.75  
9 June 2005 6.75  
28 April 2005 6.75  
10 March 2005 6.75  
27 January 2005 6.50  
9 December 2004  6.50  
28 October 2004  6.50  
9 September 2004 6.25  
29 July 2004 6.00  
10 June 2004 5.75  
29 April 2004 5.50  
11 March 2004 5.25  
29 January 2004 5.25  
4 December 2003 5.00  
23 October 2003 5.00  
4 September 2003 5.00  
24 July 2003 5.00  
5 June 2003 5.25  
24 April 2003 5.50  
6 March 2003 5.75  
23 January 2003 5.75  
20 November 2002  5.75  
2 October 2002 5.75  
14 August 2002  5.75  
3 July 2002 5.75  
15 May 2002 5.50  
17 April 2002 5.25  
20 March 2002
5.00  
23 January 2002
4.75  
14 November 2001
4.75  
3 October 2001
5.25  
19 September 2001
5.25  
15 August 2001
5.75  
4 July 2001
5.75  
16 May 2001
5.75  
19 April 2001
6.00  
14 March 2001
6.25  
24 January 2001
6.50  
6 December 2000
6.50  
4 October 2000
6.50  
16 August 2000
6.50  
5 July 2000
6.50  
17 May 2000
6.50  
19 April 2000
6.00  
15 March 2000
5.75  
19 January 2000
5.25  
17 November 1999
5.00  
29 September 1999
4.50  
18 August 1999
4.50  
30 June 1999
4.50  
19 May 1999
4.50  
21 April 1999
4.50  
17 March 1999
4.50  OCR introduced