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Wholesale interest rates (B2)

This data tracks the cost of borrowing in New Zealand by showing the wholesale interest rates quoted in New Zealand markets. Wholesale interest rates are rates which apply to large institutions, rather than individual borrowers.

Special Note

Monthly snapshot graph of the New Zealand government yield curve

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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
17 Jun 2022 2.00 1.94 2.23 2.52 2.80 3.36 3.81 4.01 4.23 0
20 Jun 2022 2.00 - 2.25 2.52 2.79 3.40 3.86 4.06 4.26 -1
21 Jun 2022 2.00 1.96 2.26 2.53 2.80 3.40 3.84 4.03 4.22 5
22 Jun 2022 2.00 2.00 2.26 2.53 2.80 3.40 3.79 4.02 4.22 9
23 Jun 2022 2.00 2.00 2.28 2.53 2.78 3.30 3.55 3.80 4.02 1
27 Jun 2022 2.00 2.00 2.33 2.53 2.81 3.30 3.52 3.70 3.90 -1
28 Jun 2022 2.00 - 2.34 2.58 2.82 3.30 3.58 3.77 3.97 2
29 Jun 2022 2.00 - 2.34 2.58 2.82 3.32 3.56 3.75 3.95 4
30 Jun 2022 2.00 - 2.39 2.63 2.86 3.32 3.48 3.68 3.89 5
01 Jul 2022 2.00 - 2.38 2.62 2.85 3.25 3.39 3.58 3.79 -
[1] Where there is no suitable benchmark bond, none is reported. See series description for details. [2] The spread between the 2 and 10 year swap rate is presented in basis points to better align with market conventions.

Monthly snapshot graph of the New Zealand government yield curve

30 June 2022

Monthly 'snapshot' graph of the New Zealand government yield curve published on the last working day of each month.

NZ Government bond yield curve


View all Wholesale interest rates Special notes.

The data: coverage, periodicity and timeliness

Coverage characteristics

The interest rates in the interest rate tables reflect those being quoted with the New Zealand markets.

We collect the following data:

  • Official cash rate (OCR): an interest rate we set to implement monetary policy and maintain price stability.
  • Overnight interbank cash rate: the weighted average interbank overnight interest rate, which reflects the interest rates at which banks have borrowed and lent, and secured and unsecured cash funds.
  • Bank Bill 30, 60 and 90-day rates: the indicative 11.10am mid-rates, published by Refinitiv.
  • Benchmark 1, 2, 5 and 10-year government bond rates: the indicative mid-rates at 11.10am and closing, published by Refinitiv.
  • Inflation indexed bond (IIB) rates for 2016, 2025, 2030 and 2035: the indicative 11.10am mid-rates, published by Refinitiv.
  • 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 Refinitiv.

Data covering daily rates and monthly averages are available on our website, with selected series beginning in 1985.

Periodicity

Daily and monthly.

Timeliness

We update our website daily at approximately 3:00pm.

Access by the public

Statistics release calendar

The statistics release calendar provides a long-term plan of scheduled releases. We update and release the calendar 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 we have no legal requirement to publish data on interest rates, we disseminate the data as a service to the public.

We collect, monitor and analyse the data as part of our market operations functions. These operations involve liaising with and monitoring financial markets to ensure effective implementation of monetary policy and to maintain our 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 we collected them 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 Bulletin, Vol 62, No 1, March 1999, contains an article on monetary policy implementation and changes to operating procedures in which implementing the OCR is outlined.

Download RBNZ simplifies monetary policy implementation (PDF 23 KB)

Dissemination of statistics that support statistical cross-check and provide assurance of reasonableness

We do a reasonableness check of the data before the data is released.

General terms

Interest rates

A charge, quoted as a quarterly, semi-annual or annual rate, which the borrower pays 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

The official cash rate (OCR) is an interest rate we set to implement monetary policy and maintain price stability.

Read What is the official cash rate?

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 our facilities.

This series continues on from the Call Money Market series we published until June 1999.

Bank bills

These are mostly issued as registered certificates of deposit (RCD), but can also be a bill of exchange, which a bank can issue or accept. 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 Refinitiv.

The market sets the reference rates (referred to as BKBM rates) under the supervision of the New Zealand Financial Markets Association (NZFMA).

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 market sets the swap market reference rates under the supervision of the New Zealand Financial Markets Association (NZFMA).

Download the Interest rate swap conventions (PDF 546 KB)

Operating rules and principles for contributors to page NZSWCLOSE (PDF 136 KB)

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
25 June 1987 through 18 January 1990 ---
19 January 1990 through 17 May 1990 February 1991
18 May 1990 through 31 December 1990 September 1991
3 January 1991 through 28 March 1991 February 1992
2 April 1991 through 31 March 1992 July 1992
1 April 1992 through 30 June 1993 November 1993
1 July 1993 through 11 August 1994 February 1995
12 August 1994 through 3 July 1995 November 1995
4 July 1995 through 5 May 1996 November 1996
6 May 1996 through 28 January 1997 July 1997
29 January 1997 through 15 June 1998 July 1998
6 June 1998 through 18 August 1999 February 2000
19 August 1999 through 29 August 2000 February 2001
30 August 2000 through 1 February 2002 March 2002
4 February 2002 through 15 October 2002 April 2003
16 October 2002 through 1 October 2003 April 2004
2 October 2003 through 23 August 2004 February 2005
24 August 2004 through 5 December 2005 February 2006
6 December 2005 through 14 November 2006 November 2006
15 November 2006 through 10 July 2008 July 2008
10 July 2008 through 30 April 2009 July 2009
1 May 2009 through 31 July 2010 ---
1 August 2010 through 30 September 2011 November 2011
3 October 2011 through 20 February 2012 ---
21 February 2012 through 2 November 2012 April 2013
5 November 2012 through 16 October 2013 ---
17 October 2013 through 12 December 2014 April 2015
15 December 2014 through 17 June 2016 ---
20 June 2016 through 27 July 2017 December 2017
28 July 2017 through 28 September 2018 March 2019
1 October 2018 through 17 October 2019 April 2020
18 October 2019 through 14 November 2019 ---
15 November 2019 through 27 November 2020 May 2021
30 November 2020 through 13 October 2021 ---
From 14 October 2021 April 2023

 

2-year bond

Date range: Benchmark bond
19 March 1985 through 29 October 1989 ---
30 October 1989 through 17 May 1990 February 1992
18 May 1990 through 28 March 1991 July 1992
2 April 1991 through 31 March 1992 November 1993
1 April 1992 through 30 June 1993 February 1995
1 July 1993 through 11 August 1994 November 1995
12 August 1994 through 3 July 1995 November 1996
4 July 1995 through 5 May 1996 July 1997
6 May 1996 through 27 January 1997 July 1998
28 January 1997 through 14 August 1998 February 2000
15 August 1998 through 18 August 1999 February 2001
19 August 1999 through 29 August 2000 March 2002
30 August 2000 through 1 February 2002 April 2003
4 February 2002 through 15 October 2002 April 2004
16 October 2002 through 1 October 2003 February 2005
2 October 2003 through 23 August 2004 February 2006
24 August 2004 through 5 December 2005 November 2006
6 December 2005 through 14 November 2006 July 2008
15 November 2006 through 10 July 2008 July 2009
11 July 2008 through 31 July 2010 November 2011
1 August 2010 through 20 February 2012 April 2013
21 February 2012 through 16 October 2013 April 2015
17 October 2013 through 12 December 2014 ---
15 December 2014 through 17 June 2016 December 2017
20 June 2016 through 27 July 2017 March 2019
28 July 2017 through 28 September 2018 April 2020
1 October 2018 through 30 October 2018 ---
31 October 2018 through 14 November 2019 May 2021
15 November 2019 through 19 November 2020 ---
20 November 2020 through 13 October 2021 April 2023
14 October 2021 through 28 October 2021 ---
From 29 October 2021 May 2024

 

5-year bond

Date range: Benchmark bond
19 March 1985 through 10 August 1989 ---
11 August 1989 through 28 March 1991 February 1995
2 April 1991 through 31 December 1992 July 1997
5 January 1993 through 11 August 1994 July 1998
12 August 1994 through 5 May 1996 February 2000
6 May 1996 through 28 January 1997 February 2001
29 January 1997 through 1 April 1998 March 2002
2 April 1998 through 1 August 2000 April 2004
2 August 2000 through 13 October 2003 November 2006
14 October 2003 through 5 December 2005 July 2009
6 December 2005 through 10 July 2008 November 2011
10 July 2008 through 31 October 2009 April 2013
1 November 2009 through 30 September 2011 April 2015
3 October 2011 through 31 July 2013 December 2017
1 August 2013 through 30 September 2014 March 2019
1 October 2014 through 5 November 2015 April 2020
6 November 2015 through 24 May 2017 May 2021
25 May 2017 through 15 April 2019 April 2023
16 April 2019 through 9 February 2021 April 2025
10 February 2021 through 28 October 2021 May 2026
From 29 October 2021 April 2027

 

10-year bond

Date range: Benchmark bond
19 March 1985 through 18 January 1990 October 1996
19 January 1990 through 17 May 1990 July 1997
18 May 1990 through 30 June 1993 March 2002
1 July 1993 through 4 July 1995 April 2004
5 July 1995 through 19 March 1998 November 2006
20 March 1998 through 12 September 2000 July 2009
13 September 2000 through 30 August 2002 November 2011
2 September 2002 through 18 January 2005 April 2013
19 January 2005 through 14 November 2006 April 2015
15 November 2006 through 31 October 2009 December 2017
1 November 2009 through 2 May 2012 May 2021
3 May 2012 through 17 April 2015 April 2023
20 April 2015 through 7 June 2018 April 2027
8 June 2018 through 14 May 2020 April 2029
15 May 2020 through 12 November 2021 May 2031
From 15 November 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 (CPI).

Discontinued series

The monetary conditions index (MCI) is a combination of the TWI and 90-day bank bill rates, in which a 2% 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.

Symbols and conventions for summary table

Symbol or convention Definition
0 Zero or value rounded to zero
- Not applicable
.. Not available
bold Revised/new
italics Provisional
Light grey 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.