Data / Central bank policy rate / New Zealand

Central bank policy rate in New Zealand

Central bank policy rate in New Zealand was 2.75% in September 2026, according to Bank for International Settlements. That is down 0.25 pts from September 2025. That is the 29th highest of 36 countries in July 2026.

September 20262.75%
Change on September 2025-0.25 pts
Rank29th of 36Countries ranked
Series high54.3February 1985
Series low0.25March 2020

Central bank policy rate in New Zealand, January 1985 to September 2026

CSVChart (SVG)

02040601985-011991-011997-012003-012009-012015-012021-012026-091985-01: 15.7 %1985-02: 54.3 %1985-03: 21.5 %1985-04: 19 %1985-05: 23.7 %1985-06: 21.2 %1985-07: 22.5 %1985-08: 42 %1985-09: 50 %1985-10: 21 %1985-11: 22.5 %1985-12: 19 %1986-01: 20 %1986-02: 21.3 %1986-03: 21 %1986-04: 20.75 %1986-05: 16.3 %1986-06: 16.75 %1986-07: 15.4 %1986-08: 15.5 %1986-09: 15.6 %1986-10: 17.7 %1986-11: 18.9 %1986-12: 27 %1987-01: 26.25 %1987-02: 24.75 %1987-03: 34 %1987-04: 27.8 %1987-05: 20.85 %1987-06: 19.5 %1987-07: 19 %1987-08: 17.5 %1987-09: 17.5 %1987-10: 21.15 %1987-11: 16.77 %1987-12: 15.75 %1988-01: 16.5 %1988-02: 16.78 %1988-03: 19.25 %1988-04: 22.47 %1988-05: 12.71 %1988-06: 15.31 %1988-07: 17.17 %1988-08: 15.26 %1988-09: 14.42 %1988-10: 14 %1988-11: 14.47 %1988-12: 13.44 %1989-01: 12.5 %1989-02: 13.53 %1989-03: 13.25 %1989-04: 14.5 %1989-05: 12.96 %1989-06: 13.7 %1989-07: 13.62 %1989-08: 14.23 %1989-09: 15.25 %1989-10: 12 %1989-11: 15.21 %1989-12: 13.5 %1990-01: 13.88 %1990-02: 12.5 %1990-03: 12.98 %1990-04: 13 %1990-05: 14.75 %1990-06: 13.35 %1990-07: 14 %1990-08: 13.5 %1990-09: 13.88 %1990-10: 12.5 %1990-11: 12.5 %1990-12: 11.25 %1991-01: 11.15 %1991-02: 12 %1991-03: 12 %1991-04: 10.4 %1991-05: 10.2 %1991-06: 10.05 %1991-07: 9.75 %1991-08: 9.4 %1991-09: 7.6 %1991-10: 8.3 %1991-11: 8.25 %1991-12: 7.2 %1992-01: 7.2 %1992-02: 7.3 %1992-03: 6.8 %1992-04: 6.7 %1992-05: 6.8 %1992-06: 6.5 %1992-07: 6.2 %1992-08: 6.2 %1992-09: 6.45 %1992-10: 6.1 %1992-11: 6.05 %1992-12: 8.45 %1993-01: 7.75 %1993-02: 7.5 %1993-03: 6.8 %1993-04: 6.6 %1993-05: 6.05 %1993-06: 5.75 %1993-07: 5.05 %1993-08: 5.15 %1993-09: 5.2 %1993-10: 4.9 %1993-11: 6.1 %1993-12: 4.8 %1994-01: 6 %1994-02: 6 %1994-03: 9.5 %1994-04: 6.1 %1994-05: 4.9 %1994-06: 6.3 %1994-07: 6.1 %1994-08: 5.75 %1994-09: 6.5 %1994-10: 7.5 %1994-11: 7.7 %1994-12: 8.3 %1995-01: 8.3 %1995-02: 9 %1995-03: 9 %1995-04: 8.9 %1995-05: 9.05 %1995-06: 9 %1995-07: 8.9 %1995-08: 9.65 %1995-09: 9.45 %1995-10: 8.35 %1995-11: 8.5 %1995-12: 9 %1996-01: 8.45 %1996-02: 9.1 %1996-03: 9.15 %1996-04: 9.55 %1996-05: 9.5 %1996-06: 9.8 %1996-07: 10 %1996-08: 9.9 %1996-09: 10.05 %1996-10: 9.45 %1996-11: 9.4 %1996-12: 7.9 %1997-01: 7.4 %1997-02: 7.4 %1997-03: 7.5 %1997-04: 6.35 %1997-05: 7 %1997-06: 6.55 %1997-07: 8.1 %1997-08: 7.8 %1997-09: 7.5 %1997-10: 7.5 %1997-11: 6.9 %1997-12: 8.35 %1998-01: 8.6 %1998-02: 8.9 %1998-03: 10.1 %1998-04: 9 %1998-05: 8.65 %1998-06: 8.45 %1998-07: 6.9 %1998-08: 6 %1998-09: 4.5 %1998-10: 3.85 %1998-11: 2.9 %1998-12: 3.85 %1999-01: 2.75 %1999-02: 4.3 %1999-03: 4.5 %1999-04: 4.5 %1999-05: 4.5 %1999-06: 4.5 %1999-07: 4.5 %1999-08: 4.5 %1999-09: 4.5 %1999-10: 4.5 %1999-11: 5 %1999-12: 5 %2000-01: 5.25 %2000-02: 5.25 %2000-03: 5.75 %2000-04: 6 %2000-05: 6.5 %2000-06: 6.5 %2000-07: 6.5 %2000-08: 6.5 %2000-09: 6.5 %2000-10: 6.5 %2000-11: 6.5 %2000-12: 6.5 %2001-01: 6.5 %2001-02: 6.5 %2001-03: 6.25 %2001-04: 6 %2001-05: 5.75 %2001-06: 5.75 %2001-07: 5.75 %2001-08: 5.75 %2001-09: 5.25 %2001-10: 5.25 %2001-11: 4.75 %2001-12: 4.75 %2002-01: 4.75 %2002-02: 4.75 %2002-03: 5 %2002-04: 5.25 %2002-05: 5.5 %2002-06: 5.5 %2002-07: 5.75 %2002-08: 5.75 %2002-09: 5.75 %2002-10: 5.75 %2002-11: 5.75 %2002-12: 5.75 %2003-01: 5.75 %2003-02: 5.75 %2003-03: 5.75 %2003-04: 5.5 %2003-05: 5.5 %2003-06: 5.25 %2003-07: 5 %2003-08: 5 %2003-09: 5 %2003-10: 5 %2003-11: 5 %2003-12: 5 %2004-01: 5.25 %2004-02: 5.25 %2004-03: 5.25 %2004-04: 5.5 %2004-05: 5.5 %2004-06: 5.75 %2004-07: 6 %2004-08: 6 %2004-09: 6.25 %2004-10: 6.5 %2004-11: 6.5 %2004-12: 6.5 %2005-01: 6.5 %2005-02: 6.5 %2005-03: 6.75 %2005-04: 6.75 %2005-05: 6.75 %2005-06: 6.75 %2005-07: 6.75 %2005-08: 6.75 %2005-09: 6.75 %2005-10: 7 %2005-11: 7 %2005-12: 7.25 %2006-01: 7.25 %2006-02: 7.25 %2006-03: 7.25 %2006-04: 7.25 %2006-05: 7.25 %2006-06: 7.25 %2006-07: 7.25 %2006-08: 7.25 %2006-09: 7.25 %2006-10: 7.25 %2006-11: 7.25 %2006-12: 7.25 %2007-01: 7.25 %2007-02: 7.25 %2007-03: 7.5 %2007-04: 7.75 %2007-05: 7.75 %2007-06: 8 %2007-07: 8.25 %2007-08: 8.25 %2007-09: 8.25 %2007-10: 8.25 %2007-11: 8.25 %2007-12: 8.25 %2008-01: 8.25 %2008-02: 8.25 %2008-03: 8.25 %2008-04: 8.25 %2008-05: 8.25 %2008-06: 8.25 %2008-07: 8 %2008-08: 8 %2008-09: 7.5 %2008-10: 6.5 %2008-11: 6.5 %2008-12: 5 %2009-01: 3.5 %2009-02: 3.5 %2009-03: 3 %2009-04: 2.5 %2009-05: 2.5 %2009-06: 2.5 %2009-07: 2.5 %2009-08: 2.5 %2009-09: 2.5 %2009-10: 2.5 %2009-11: 2.5 %2009-12: 2.5 %2010-01: 2.5 %2010-02: 2.5 %2010-03: 2.5 %2010-04: 2.5 %2010-05: 2.5 %2010-06: 2.75 %2010-07: 3 %2010-08: 3 %2010-09: 3 %2010-10: 3 %2010-11: 3 %2010-12: 3 %2011-01: 3 %2011-02: 3 %2011-03: 2.5 %2011-04: 2.5 %2011-05: 2.5 %2011-06: 2.5 %2011-07: 2.5 %2011-08: 2.5 %2011-09: 2.5 %2011-10: 2.5 %2011-11: 2.5 %2011-12: 2.5 %2012-01: 2.5 %2012-02: 2.5 %2012-03: 2.5 %2012-04: 2.5 %2012-05: 2.5 %2012-06: 2.5 %2012-07: 2.5 %2012-08: 2.5 %2012-09: 2.5 %2012-10: 2.5 %2012-11: 2.5 %2012-12: 2.5 %2013-01: 2.5 %2013-02: 2.5 %2013-03: 2.5 %2013-04: 2.5 %2013-05: 2.5 %2013-06: 2.5 %2013-07: 2.5 %2013-08: 2.5 %2013-09: 2.5 %2013-10: 2.5 %2013-11: 2.5 %2013-12: 2.5 %2014-01: 2.5 %2014-02: 2.5 %2014-03: 2.75 %2014-04: 3 %2014-05: 3 %2014-06: 3.25 %2014-07: 3.5 %2014-08: 3.5 %2014-09: 3.5 %2014-10: 3.5 %2014-11: 3.5 %2014-12: 3.5 %2015-01: 3.5 %2015-02: 3.5 %2015-03: 3.5 %2015-04: 3.5 %2015-05: 3.5 %2015-06: 3.25 %2015-07: 3 %2015-08: 3 %2015-09: 2.75 %2015-10: 2.75 %2015-11: 2.75 %2015-12: 2.5 %2016-01: 2.5 %2016-02: 2.5 %2016-03: 2.25 %2016-04: 2.25 %2016-05: 2.25 %2016-06: 2.25 %2016-07: 2.25 %2016-08: 2 %2016-09: 2 %2016-10: 2 %2016-11: 1.75 %2016-12: 1.75 %2017-01: 1.75 %2017-02: 1.75 %2017-03: 1.75 %2017-04: 1.75 %2017-05: 1.75 %2017-06: 1.75 %2017-07: 1.75 %2017-08: 1.75 %2017-09: 1.75 %2017-10: 1.75 %2017-11: 1.75 %2017-12: 1.75 %2018-01: 1.75 %2018-02: 1.75 %2018-03: 1.75 %2018-04: 1.75 %2018-05: 1.75 %2018-06: 1.75 %2018-07: 1.75 %2018-08: 1.75 %2018-09: 1.75 %2018-10: 1.75 %2018-11: 1.75 %2018-12: 1.75 %2019-01: 1.75 %2019-02: 1.75 %2019-03: 1.75 %2019-04: 1.75 %2019-05: 1.5 %2019-06: 1.5 %2019-07: 1.5 %2019-08: 1 %2019-09: 1 %2019-10: 1 %2019-11: 1 %2019-12: 1 %2020-01: 1 %2020-02: 1 %2020-03: 0.25 %2020-04: 0.25 %2020-05: 0.25 %2020-06: 0.25 %2020-07: 0.25 %2020-08: 0.25 %2020-09: 0.25 %2020-10: 0.25 %2020-11: 0.25 %2020-12: 0.25 %2021-01: 0.25 %2021-02: 0.25 %2021-03: 0.25 %2021-04: 0.25 %2021-05: 0.25 %2021-06: 0.25 %2021-07: 0.25 %2021-08: 0.25 %2021-09: 0.25 %2021-10: 0.5 %2021-11: 0.75 %2021-12: 0.75 %2022-01: 0.75 %2022-02: 1 %2022-03: 1 %2022-04: 1.5 %2022-05: 2 %2022-06: 2 %2022-07: 2.5 %2022-08: 3 %2022-09: 3 %2022-10: 3.5 %2022-11: 4.25 %2022-12: 4.25 %2023-01: 4.25 %2023-02: 4.75 %2023-03: 4.75 %2023-04: 5.25 %2023-05: 5.5 %2023-06: 5.5 %2023-07: 5.5 %2023-08: 5.5 %2023-09: 5.5 %2023-10: 5.5 %2023-11: 5.5 %2023-12: 5.5 %2024-01: 5.5 %2024-02: 5.5 %2024-03: 5.5 %2024-04: 5.5 %2024-05: 5.5 %2024-06: 5.5 %2024-07: 5.5 %2024-08: 5.25 %2024-09: 5.25 %2024-10: 4.75 %2024-11: 4.25 %2024-12: 4.25 %2025-01: 4.25 %2025-02: 3.75 %2025-03: 3.75 %2025-04: 3.5 %2025-05: 3.25 %2025-06: 3.25 %2025-07: 3.25 %2025-08: 3 %2025-09: 3 %2025-10: 2.5 %2025-11: 2.25 %2025-12: 2.25 %2026-01: 2.25 %2026-02: 2.25 %2026-03: 2.25 %2026-04: 2.25 %2026-05: 2.25 %2026-06: 2.25 %2026-07: 2.5 %2026-08: 2.5 %2026-09: 2.75 %
%. Source: BIS. Retrieved 2026-10-09.
All 501 values
Period%
2026-092.75
2026-082.5
2026-072.5
2026-062.25
2026-052.25
2026-042.25
2026-032.25
2026-022.25
2026-012.25
2025-122.25
2025-112.25
2025-102.5
2025-093
2025-083
2025-073.25
2025-063.25
2025-053.25
2025-043.5
2025-033.75
2025-023.75
2025-014.25
2024-124.25
2024-114.25
2024-104.75
2024-095.25
2024-085.25
2024-075.5
2024-065.5
2024-055.5
2024-045.5
2024-035.5
2024-025.5
2024-015.5
2023-125.5
2023-115.5
2023-105.5
2023-095.5
2023-085.5
2023-075.5
2023-065.5
2023-055.5
2023-045.25
2023-034.75
2023-024.75
2023-014.25
2022-124.25
2022-114.25
2022-103.5
2022-093
2022-083
2022-072.5
2022-062
2022-052
2022-041.5
2022-031
2022-021
2022-010.75
2021-120.75
2021-110.75
2021-100.5
2021-090.25
2021-080.25
2021-070.25
2021-060.25
2021-050.25
2021-040.25
2021-030.25
2021-020.25
2021-010.25
2020-120.25
2020-110.25
2020-100.25
2020-090.25
2020-080.25
2020-070.25
2020-060.25
2020-050.25
2020-040.25
2020-030.25
2020-021
2020-011
2019-121
2019-111
2019-101
2019-091
2019-081
2019-071.5
2019-061.5
2019-051.5
2019-041.75
2019-031.75
2019-021.75
2019-011.75
2018-121.75
2018-111.75
2018-101.75
2018-091.75
2018-081.75
2018-071.75
2018-061.75
2018-051.75
2018-041.75
2018-031.75
2018-021.75
2018-011.75
2017-121.75
2017-111.75
2017-101.75
2017-091.75
2017-081.75
2017-071.75
2017-061.75
2017-051.75
2017-041.75
2017-031.75
2017-021.75
2017-011.75
2016-121.75
2016-111.75
2016-102
2016-092
2016-082
2016-072.25
2016-062.25
2016-052.25
2016-042.25
2016-032.25
2016-022.5
2016-012.5
2015-122.5
2015-112.75
2015-102.75
2015-092.75
2015-083
2015-073
2015-063.25
2015-053.5
2015-043.5
2015-033.5
2015-023.5
2015-013.5
2014-123.5
2014-113.5
2014-103.5
2014-093.5
2014-083.5
2014-073.5
2014-063.25
2014-053
2014-043
2014-032.75
2014-022.5
2014-012.5
2013-122.5
2013-112.5
2013-102.5
2013-092.5
2013-082.5
2013-072.5
2013-062.5
2013-052.5
2013-042.5
2013-032.5
2013-022.5
2013-012.5
2012-122.5
2012-112.5
2012-102.5
2012-092.5
2012-082.5
2012-072.5
2012-062.5
2012-052.5
2012-042.5
2012-032.5
2012-022.5
2012-012.5
2011-122.5
2011-112.5
2011-102.5
2011-092.5
2011-082.5
2011-072.5
2011-062.5
2011-052.5
2011-042.5
2011-032.5
2011-023
2011-013
2010-123
2010-113
2010-103
2010-093
2010-083
2010-073
2010-062.75
2010-052.5
2010-042.5
2010-032.5
2010-022.5
2010-012.5
2009-122.5
2009-112.5
2009-102.5
2009-092.5
2009-082.5
2009-072.5
2009-062.5
2009-052.5
2009-042.5
2009-033
2009-023.5
2009-013.5
2008-125
2008-116.5
2008-106.5
2008-097.5
2008-088
2008-078
2008-068.25
2008-058.25
2008-048.25
2008-038.25
2008-028.25
2008-018.25
2007-128.25
2007-118.25
2007-108.25
2007-098.25
2007-088.25
2007-078.25
2007-068
2007-057.75
2007-047.75
2007-037.5
2007-027.25
2007-017.25
2006-127.25
2006-117.25
2006-107.25
2006-097.25
2006-087.25
2006-077.25
2006-067.25
2006-057.25
2006-047.25
2006-037.25
2006-027.25
2006-017.25
2005-127.25
2005-117
2005-107
2005-096.75
2005-086.75
2005-076.75
2005-066.75
2005-056.75
2005-046.75
2005-036.75
2005-026.5
2005-016.5
2004-126.5
2004-116.5
2004-106.5
2004-096.25
2004-086
2004-076
2004-065.75
2004-055.5
2004-045.5
2004-035.25
2004-025.25
2004-015.25
2003-125
2003-115
2003-105
2003-095
2003-085
2003-075
2003-065.25
2003-055.5
2003-045.5
2003-035.75
2003-025.75
2003-015.75
2002-125.75
2002-115.75
2002-105.75
2002-095.75
2002-085.75
2002-075.75
2002-065.5
2002-055.5
2002-045.25
2002-035
2002-024.75
2002-014.75
2001-124.75
2001-114.75
2001-105.25
2001-095.25
2001-085.75
2001-075.75
2001-065.75
2001-055.75
2001-046
2001-036.25
2001-026.5
2001-016.5
2000-126.5
2000-116.5
2000-106.5
2000-096.5
2000-086.5
2000-076.5
2000-066.5
2000-056.5
2000-046
2000-035.75
2000-025.25
2000-015.25
1999-125
1999-115
1999-104.5
1999-094.5
1999-084.5
1999-074.5
1999-064.5
1999-054.5
1999-044.5
1999-034.5
1999-024.3
1999-012.75
1998-123.85
1998-112.9
1998-103.85
1998-094.5
1998-086
1998-076.9
1998-068.45
1998-058.65
1998-049
1998-0310.1
1998-028.9
1998-018.6
1997-128.35
1997-116.9
1997-107.5
1997-097.5
1997-087.8
1997-078.1
1997-066.55
1997-057
1997-046.35
1997-037.5
1997-027.4
1997-017.4
1996-127.9
1996-119.4
1996-109.45
1996-0910.05
1996-089.9
1996-0710
1996-069.8
1996-059.5
1996-049.55
1996-039.15
1996-029.1
1996-018.45
1995-129
1995-118.5
1995-108.35
1995-099.45
1995-089.65
1995-078.9
1995-069
1995-059.05
1995-048.9
1995-039
1995-029
1995-018.3
1994-128.3
1994-117.7
1994-107.5
1994-096.5
1994-085.75
1994-076.1
1994-066.3
1994-054.9
1994-046.1
1994-039.5
1994-026
1994-016
1993-124.8
1993-116.1
1993-104.9
1993-095.2
1993-085.15
1993-075.05
1993-065.75
1993-056.05
1993-046.6
1993-036.8
1993-027.5
1993-017.75
1992-128.45
1992-116.05
1992-106.1
1992-096.45
1992-086.2
1992-076.2
1992-066.5
1992-056.8
1992-046.7
1992-036.8
1992-027.3
1992-017.2
1991-127.2
1991-118.25
1991-108.3
1991-097.6
1991-089.4
1991-079.75
1991-0610.05
1991-0510.2
1991-0410.4
1991-0312
1991-0212
1991-0111.15
1990-1211.25
1990-1112.5
1990-1012.5
1990-0913.88
1990-0813.5
1990-0714
1990-0613.35
1990-0514.75
1990-0413
1990-0312.98
1990-0212.5
1990-0113.88
1989-1213.5
1989-1115.21
1989-1012
1989-0915.25
1989-0814.23
1989-0713.62
1989-0613.7
1989-0512.96
1989-0414.5
1989-0313.25
1989-0213.53
1989-0112.5
1988-1213.44
1988-1114.47
1988-1014
1988-0914.42
1988-0815.26
1988-0717.17
1988-0615.31
1988-0512.71
1988-0422.47
1988-0319.25
1988-0216.78
1988-0116.5
1987-1215.75
1987-1116.77
1987-1021.15
1987-0917.5
1987-0817.5
1987-0719
1987-0619.5
1987-0520.85
1987-0427.8
1987-0334
1987-0224.75
1987-0126.25
1986-1227
1986-1118.9
1986-1017.7
1986-0915.6
1986-0815.5
1986-0715.4
1986-0616.75
1986-0516.3
1986-0420.75
1986-0321
1986-0221.3
1986-0120
1985-1219
1985-1122.5
1985-1021
1985-0950
1985-0842
1985-0722.5
1985-0621.2
1985-0523.7
1985-0419
1985-0321.5
1985-0254.3
1985-0115.7

Rankings

Definition

The rate a central bank sets to steer monetary policy, or its operational target, in percent per year. United States: effective federal funds rate, monthly average of daily rates (Federal Reserve H.15). Euro area: ECB deposit facility rate in force on the last day of the month. Other countries: the policy rate in force at the end of the month as reported by the national central bank and compiled by the BIS.

Timing differs by source: the US figure is a monthly average of the market rate that the Federal Reserve targets (the target range is set by the FOMC; the BIS copy uses its midpoint), while ECB and BIS figures are end-of-month levels. The euro area series is the deposit facility rate for its whole history; the ECB has steered with it since September 2024, and before that the BIS series and most press coverage used the main refinancing rate (see ecb_main_refinancing_rate). Euro area members have no national policy rate since 1999, so their BIS series end in 1998. Each BIS series names its central bank and the instrument used in each period.

How to cite

Bank for International Settlements (BIS), from national central bank data. Central bank policy rates (WS_CBPOL), monthly, end of period, as reported by the national central bank named in the series (SOURCE_REF). https://stats.bis.org/api/v2/data/dataflow/BIS/WS_CBPOL/1.0/M.NZ?format=csv. Retrieved 2026-10-09.

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Questions

What is the central bank policy rate in New Zealand?

Central bank policy rate in New Zealand was 2.75% in September 2026, according to Bank for International Settlements. That is down 0.25 pts from September 2025. That is the 29th highest of 36 countries in July 2026.

Where does this figure come from?

Bank for International Settlements. Central bank policy rates (WS_CBPOL), monthly, end of period, as reported by the national central bank named in the series (SOURCE_REF). Retrieved by Invokely on 2026-10-09.

What was the highest central bank policy rate in New Zealand?

54.3% in February 1985, the highest value since January 1985 in this series.

More statistics for New Zealand

All statistics for New Zealand