Wholesale interest rates (B2)
| Cash rate (%pa) | Bank bill yields (%pa) | Secondary market government bond yields (%pa) | Swap rate spread close (bps) | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Date | Official Cash Rate (OCR) | Overnight interbank cash rate | 30 days | 60 days | 90 days | 1 year1 | 2 year1 | 5 year | 10 year | 2-10s2 |
| 06 Jan 2022 | 0.75 | 0.71 | 0.80 | 0.89 | 0.98 | 1.54 | 2.01 | 2.30 | 2.52 | 58 |
| 07 Jan 2022 | 0.75 | 0.70 | 0.80 | 0.89 | 0.97 | 1.54 | 2.00 | 2.31 | 2.53 | 56 |
| 10 Jan 2022 | 0.75 | 0.70 | 0.80 | 0.89 | 0.97 | 1.54 | 2.02 | 2.33 | 2.55 | 59 |
| 11 Jan 2022 | 0.75 | 0.69 | 0.80 | 0.88 | 0.96 | 1.54 | 2.00 | 2.33 | 2.57 | 59 |
| 12 Jan 2022 | 0.75 | 0.68 | 0.80 | 0.88 | 0.96 | 1.54 | 2.00 | 2.33 | 2.57 | 55 |
| 13 Jan 2022 | 0.75 | 0.67 | 0.80 | 0.89 | 0.97 | 1.54 | 1.97 | 2.30 | 2.54 | 54 |
| 14 Jan 2022 | 0.75 | 0.65 | 0.80 | 0.89 | 0.97 | 1.54 | 1.96 | 2.29 | 2.52 | 53 |
| 17 Jan 2022 | 0.75 | 0.65 | 0.82 | 0.93 | 1.04 | 1.54 | 1.99 | 2.32 | 2.55 | 57 |
| 18 Jan 2022 | 0.75 | 0.65 | 0.82 | 0.94 | 1.05 | 1.54 | 2.01 | 2.35 | 2.58 | 53 |
| 19 Jan 2022 | 0.75 | - | 0.82 | 0.94 | 1.05 | 1.54 | 2.02 | 2.37 | 2.58 | - |
- Where there is no suitable benchmark bond, none is reported. See series description for details.
- The spread between the 2 and 10 year swap rate is presented in basis points to better align with market conventions.
The data: coverage, periodicity, and timeliness
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:
- Official Cash Rate (OCR): is an interest rate set by the Reserve Bank to implement monetary policy, so as to maintain price stability.
- 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.
- Bank Bill 30, 60 and 90 day rates: the indicative 11.10am mid-rates, published by Reuters.
- Benchmark 1, 2, 5, and 10 year Government bond rates: the indicative mid rates at 11.10am and closing, published by Reuters.
- Inflation indexed bond (IIB) rates for 2016, 2025, 2030 and 2035: the indicative 11.10am mid-rates, published by Reuters.
- 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.
Periodicity
Daily and monthly.
Timeliness
The website is updated daily at approximately 3pm.
Access by the public
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.
View the Statistics Release Calendar
Integrity
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.
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
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.
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
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.
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.
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.
Wholesale interest rates
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.
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.
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.
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
- http://www.nzfma.org/includes/download.aspx?ID=130040
Government bonds
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):
1 year bond
|
Date Range: |
Benchmark Bond |
|
June 25, 1987 through January 18, 1990 |
--- |
|
January 19, 1990 through May 17, 1990 |
February 1991 |
|
May 18, 1990 through December 31, 1990 |
September 1991 |
|
January 3, 1991 through March 28, 1991 |
February 1992 |
|
April 2, 1991 through March 31, 1992 |
July 1992 |
|
April 1, 1992 through June 30, 1993 |
November 1993 |
|
July 1, 1993 through August 11, 1994 |
February 1995 |
|
August 12, 1994 through July 3, 1995 |
November 1995 |
|
July 4, 1995 through May 5, 1996 |
November 1996 |
|
May 6, 1996 through January 28, 1997 |
July 1997 |
|
January 29, 1997 through June 15, 1998 |
July 1998 |
|
June 6, 1998 through August 18, 1999 |
February 2000 |
|
August 19, 1999 through August 29, 2000 |
February 2001 |
|
August 30, 2000 through February 1, 2002 |
March 2002 |
|
February 4, 2002 through October 15, 2002 |
April 2003 |
|
October 16, 2002 through October 1, 2003 |
April 2004 |
|
October 2, 2003 through August 23, 2004 |
February 2005 |
|
August 24, 2004 through December 5, 2005 |
February 2006 |
|
December 6, 2005 through November 14, 2006 |
November 2006 |
|
November 15, 2006 through July 10, 2008 |
July 2008 |
|
July 10, 2008 through April 30, 2009 |
July 2009 |
|
May 1, 2009 through July 31, 2010 |
--- |
|
August 1, 2010 through September 30, 2011 |
November 2011 |
|
October 3, 2011 through February 20, 2012 |
--- |
|
February 21, 2012 through November 2, 2012 |
April 2013 |
|
November 5, 2012 through October 16, 2013 |
--- |
|
October 17, 2013 through December 12, 2014 |
April 2015 |
|
December 15, 2014 through June 17 2016 |
--- |
|
June 20, 2016 through July 27, 2017 |
December 2017 |
|
July 28, 2017 through September 28, 2018 |
March 2019 |
| October 1, 2018 through October 17, 2019 | April 2020 |
| October 18, 2019 through November 14, 2019 | --- |
| November 15, 2019 through November 27, 2020 | May 2021 |
| November 30, 2020 through October 13, 2021 | --- |
| From October 14, 2021 |
April 2023 |
2 year bond
|
Date Range: |
Benchmark Bond |
|
March 19, 1985 through October 29,1989 |
--- |
|
October 30, 1989 through May 17, 1990 |
February 1992 |
|
May 18, 1990 through March 28, 1991 |
July 1992 |
|
April 2, 1991 through March 31, 1992 |
November 1993 |
|
April 1, 1992 through June 30, 1993 |
February 1995 |
|
July 1, 1993 through August 11, 1994 |
November 1995 |
|
August 12, 1994 through July 3, 1995 |
November 1996 |
|
July 4, 1995 through May 5, 1996 |
July 1997 |
|
May 6, 1996 through January 27, 1997 |
July 1998 |
|
January 28, 1997 through August 14, 1998 |
February 2000 |
|
August 15, 1998 through August 18, 1999 |
February 2001 |
|
August 19, 1999 through August 29, 2000 |
March 2002 |
|
August 30, 2000 through February 1, 2002 |
April 2003 |
|
February 4, 2002 through October 15, 2002 |
April 2004 |
|
October 16, 2002 through October 1, 2003 |
February 2005 |
|
October 2, 2003 through August 23, 2004 |
February 2006 |
|
August 24, 2004 through December 5, 2005 |
November 2006 |
|
December 6, 2005 through November 14, 2006 |
July 2008 |
|
November 15, 2006 through July 10, 2008 |
July 2009 |
|
July 11, 2008 through July 31, 2010 |
November 2011 |
|
August 1, 2010 through February 20, 2012 |
April 2013 |
|
February 21, 2012 through October 16, 2013 |
April 2015 |
|
October 17, 2013 through December 12, 2014 |
--- |
|
December 15, 2014 through June 17 2016 |
December 2017 |
|
June 20, 2016 through July 27, 2017 |
March 2019 |
|
July 28, 2017 through September 28, 2018 |
April 2020 |
| October 1, 2018 through October 30, 2018 | --- |
| October 31, 2018 through November 14, 2019 | May 2021 |
| November 15,2019 through November 19,2020 | --- |
| November 20, 2020 through October 13, 2021 | April 2023 |
| October 14, 2021 through October 28, 2021 |
--- |
| From October 29, 2021 | May 2024 |
5 year bond
|
Date Range: |
Benchmark Bond |
|
March 19, 1985 through August 10, 1989 |
--- |
|
August 11, 1989 through March 28, 1991 |
February 1995 |
|
April 2, 1991 through December 31, 1992 |
July 1997 |
|
January 5, 1993 through August 11, 1994 |
July 1998 |
|
August 12, 1994 through May 5, 1996 |
February 2000 |
|
May 6, 1996 through January 28, 1997 |
February 2001 |
|
January 29, 1997 through April 1, 1998 |
March 2002 |
|
April 2, 1998 through August 1, 2000 |
April 2004 |
|
August 2, 2000 through October 13, 2003 |
November 2006 |
|
October 14, 2003 through December 5, 2005 |
July 2009 |
|
December 6, 2005 through July 10, 2008 |
November 2011 |
|
July 10, 2008 through October 31, 2009 |
April 2013 |
|
November 1, 2009 through September 30, 2011 |
April 2015 |
|
October 3, 2011 through July 31, 2013 |
December 2017 |
|
August 1 , 2013 through September 30, 2014 |
March 2019 |
|
October 1, 2014 through November 5, 2015 |
April 2020 |
|
November 6, 2015 through May 24, 2017 |
May 2021 |
|
May 25, 2017 through April 15, 2019 |
April 2023 |
| April 16, 2019 through February 9, 2021 | April 2025 |
| February 10, 2021 through October 28, 2021 | May 2026 |
| From October 29, 2021 | April 2027 |
10 year bond
|
Date Range: |
Benchmark Bond |
|
March 19, 1985 through January 18, 1990 |
October 1996 |
|
January 19, 1990 through May 17, 1990 |
July 1997 |
|
May 18, 1990 through June 30, 1993 |
March 2002 |
|
July 1, 1993 through July 4, 1995 |
April 2004 |
|
July 5, 1995 through March 19, 1998 |
November 2006 |
|
March 20, 1998 through September 12, 2000 |
July 2009 |
|
September 13, 2000 through August 30, 2002 |
November 2011 |
|
September 2, 2002 through January 18, 2005 |
April 2013 |
|
January 19, 2005 through November 14, 2006 |
April 2015 |
|
November 15, 2006 through October 31, 2009 |
December 2017 |
|
November 1, 2009 through May 2, 2012 |
May 2021 |
|
May 3, 2012 through April 17, 2015 |
April 2023 |
|
April 20, 2015 through June 7, 2018 |
April 2027 |
| June 8, 2018 through May 14,2020 | April 2029 |
| May 15, 2020 through November 12, 2021 | May 2031 |
| From November 15, 2021 | May 2032 |
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
Discontinued series
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.
Monthly snapshot graph of the New Zealand government yield curve
31 December 2021
Monthly 'snapshot' graph of the New Zealand government yield curve published on the last working day of each month.
Symbols and conventions for summary table
| 0 | Zero or value rounded to zero |
| - | Not applicable |
| .. | Not available |
| bold | Revised/new |
| italics | Provisional |
| light red background | Historical |
General notes
- Individual figures may not sum to the totals due to rounding
- Percentage changes are calculated on unrounded numbers
- You are free to copy, distribute and adapt these statistics subject to the conditions listed on our copyright page.