| Cash rate (%pa) | Bank bill yields (%pa) | Secondary market government bond yields (%pa) | Swap rate spread close (bps) | |||||||
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| Date | Official Cash Rate (OCR) | Overnight interbank cash rate | 30 days | 60 days | 90 days | 1 year1 | 2 year | 5 year | 10 year | 2-10s2 |
| 09 Apr 2018 | 1.75 | 1.79 | 1.86 | 1.92 | 1.97 | 1.75 | 1.88 | 2.33 | 2.77 | 88 |
| 10 Apr 2018 | 1.75 | 1.79 | 1.87 | 1.93 | 1.99 | 1.75 | 1.90 | 2.34 | 2.78 | 90 |
| 11 Apr 2018 | 1.75 | 1.74 | 1.88 | 1.94 | 2.00 | 1.75 | 1.93 | 2.37 | 2.81 | 90 |
| 12 Apr 2018 | 1.75 | 1.75 | 1.88 | 1.95 | 2.03 | 1.76 | 1.91 | 2.34 | 2.78 | 85 |
| 13 Apr 2018 | 1.75 | 1.78 | 1.88 | 1.95 | 2.03 | 1.77 | 1.93 | 2.37 | 2.82 | 88 |
| 16 Apr 2018 | 1.75 | 1.67 | 1.87 | 1.95 | 2.03 | 1.79 | 1.95 | 2.39 | 2.84 | 87 |
| 17 Apr 2018 | 1.75 | 1.55 | 1.87 | 1.95 | 2.03 | 1.79 | 1.95 | 2.39 | 2.84 | 87 |
| 18 Apr 2018 | 1.75 | 1.71 | 1.87 | 1.96 | 2.05 | 1.79 | 1.93 | 2.37 | 2.82 | 85 |
| 19 Apr 2018 | 1.75 | 1.66 | 1.87 | 1.97 | 2.06 | 1.81 | 1.95 | 2.40 | 2.85 | 88 |
| 20 Apr 2018 | 1.75 | - | 1.87 | 1.97 | 2.06 | 1.81 | 1.96 | 2.41 | 2.86 | - |
The Data: Coverage, Periodicity, and Timeliness |
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Coverage characteristics |
The interest rates in the interest rate tables reflect those that are being quoted with the New Zealand markets. The following data is collected: (a) Official Cash Rate (OCR): is an interest rate set by the Reserve Bank to implement monetary policy, so as to maintain price stability. (b) Overnight Interbank Cash Rate: the weighted average interbank overnight interest rate, which reflects interest rates at which banks have borrowed and lent, secured and unsecured cash funds. (c) Bank Bill 30, 60 and 90 day rates: the indicative 11.10am mid-rates, published by Reuters. (d) Benchmark 1, 2, 5, and 10 year Government bond rates: the indicative mid rates at 11.10am and closing, published by Reuters. (e) Inflation indexed bond (IIB) rates for 2016, 2025, 2030 and 2035: the indicative 11.10am mid-rates, published by Reuters. (f) Interest rate swaps for the 1, 2, 3, 4, 5, 7, 10 and 15 year swaps, as well as the spread between the 10 and 2 year swaps: the New Zealand Swap Market Reference Rates closing price set by the market under the supervision of the NZFMA, published by Reuters. Data covering daily rates and monthly averages are available on our website, with selected series beginning in 1985. |
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Periodicity |
Daily and monthly. |
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Timeliness |
The website is updated daily at approximately 3pm. |
Access by the public |
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Statistics release calendar |
The Statistics Release Calendar provides a long-term plan of scheduled releases. It is updated and released on the first working day of the month. |
Integrity |
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Dissemination of terms and conditions under which official statistics are produced, including confidentiality of individual responses |
Although there is no legal requirement for the RBNZ to publish data on interest rates, the data are disseminated by the Reserve Bank as a service to the public. The Reserve Bank collects monitors and analyses the data in undertaking its market operations functions. These operations involve liaising with and monitoring financial markets, in order to ensure effective implementation of monetary policy and the maintenance of the RBNZ's capacity to intervene in financial markets if required. |
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Provision of information about revisions and advance notice of major changes in methodology |
New data added to the series is normally in bold font. Normally there are no revisions to this data as it is collected directly from the electronic wire services' information. However if revisions are necessary, they would also be in bold font. This applies to the summary table only and not excel files. Any major changes will be accompanied by a note. |
Quality |
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Dissemination of documentation on methodology and sources used in preparing statistics |
The RBNZ Bulletin, Vol 62 No 1, Mar 1999, contains an article on Monetary policy implementation: changes to operating procedures in which implementing the Official Cash Rate (OCR) is outlined. |
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Dissemination of statistics that support statistical cross-check and provide assurance of reasonableness |
A reasonableness check of the data is undertaken prior to the data being released. |
General Terms |
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Interest rates |
A charge, quoted as a quarterly, semi-annual, or annual rate, paid by the borrower to the lender over a period of time. It is compensation to the lender for the sacrifice of the immediate use of money and for the inflationary erosion of its buying power over the life of a loan. Interest rates are sensitive/responsive to the supply and demand factors of credit and to inflationary expectations. |
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Mid-rates |
Financial institutions trading financial instruments will normally quote both bid and offer rates for those financial instruments. The mid-rate is the rate in the middle of this range. |
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New Zealand markets |
Made up of financial institutions that will trade, both New Zealand cash, and financial instruments. They will quote both bid and offer rates. |
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Wholesale interest rates |
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Official Cash Rate (OCR) |
The Official Cash Rate (OCR) is an interest rate set by the Reserve Bank to implement monetary policy, so as to maintain price stability. See ‘What is the Official Cash Rate?' and ‘Explaining New Zealand's Monetary Policy (PDF 173KB) for more details. |
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Overnight interbank cash rate |
The Overnight Interbank Cash Rate is the weighted average interest rate of secured and unsecured overnight cash transactions that the markets (price makers) quote each other for the purposes of lending and borrowing short-term (overnight) money, without the need for Reserve Bank facilities. This series continues on from the "Call Money Market" series published by the Reserve Bank up to June 1999. |
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Bank bills |
These are mostly issued as Registered Certificates of Deposit (RCD) but can also be a Bill of Exchange issued or accepted by a bank. Bills of Exchange represent only a very small portion of total securities outstanding in this category. Bank bill yields are indicative 11.10am market mid-rates, published by Reuters. The reference rates are set by the market under the supervision of the New Zealand Financial Markets Association (NZFMA) http://www.nzfma.org/data/search.aspx . These reference rates are generically called BKBM rates. |
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Interest rate swap |
The fixed interest rate used in an agreement between two parties to exchange, or "swap", for the reference number of years, a series of fixed interest rate payments for a series of variable (or floating) interest rate payments (or vice versa). Interest rate flows are paid in arrears and settled on a net cash basis. The reference rate used for the variable (or floating) interest rate payments is the NZ 90-day bank bill rate. The swap market reference rates are set by the market under the supervision of the New Zealand Financial Markets Association (NZFMA). http://www.nzfma.org/includes/download.aspx?ID=126190 and |
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Government bonds |
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| All government bonds are denominated in New Zealand dollars and have a fixed interest coupon paid semi-annually in arrears. The bonds are redeemable at par on maturity. The benchmark bonds used to report the yields for each maturity are listed below (a "---"appears if no suitable benchmark bond is available): |
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1 year bond |
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2 year bond |
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5 year bond |
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10 year bond |
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Inflation-indexed bond |
New Zealand Government Inflation-Indexed Bonds are New Zealand Dollar bonds whose value is adjusted in line with movements in the Consumer Price Index |
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Discontinued series |
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Monetary Conditions Index (MC) |
The Monetary Conditions Index (MCI) is a combination of the TWI and 90 day bank bill rates, in which a two percent increase (decrease) in the TWI is equivalent to a one percentage point increase (decrease) in 90 day rates. A one-point change on this index is equivalent to a 0.01 percentage change in the 90 day rates in the absence of a change in the TWI. This series was discontinued in December 2000. |
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| 0 | Zero or value rounded to zero |
| - | Not applicable |
| .. | Not available |
| bold | Revised/new |
| italics | Provisional |
| light red background | Historical |