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July Monetary Policy Review and OCR

Monetary Policy Review announcement — including the official cash rate (OCR).

Wednesday, 09 July 2025 to Wednesday, 09 July 2025
2:00 pm - 3:00 pm

At 2pm we publish:

  • the official cash rate (OCR)
  • our media release about the Monetary Policy Review.

There is no media conference or supplementary published report for the Monetary Policy Review.

The Monetary Policy Review is published on our website and announced to financial markets at 2pm (NZT) and then emailed to our news subscribers and shared on our X/Twitter account. 

We reserve the right to make changes to timing if required due to unexpected developments. In that unlikely event, we would give the markets and the media as much warning as possible.

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If our website is unavailable

If our website is unavailable, and we can't publish the OCR decision at 2pm, we will:

  • send out an email to our subscribers with the media release and OCR decision 
  • post the decision on our social media channels — LinkedIn and X / Twitter 

About the Monetary Policy Review

Monetary Policy Reviews (MPRs) give an interim update on the monetary policy outlook and settings between each Monetary Policy Statement.

These were previously called OCR (Official Cash Rate) announcements. This was changed to Monetary Policy Review (MPR) announcements as of 23 June 2020. The new naming reflects the fact that alternative monetary policy tools can now also be used by the Monetary Policy Committee to maintain price stability.

See where we publish the Monetary Policy Review news release