Next release
Released 7 times per yearJul 8, 2026 02:00 UTC
in 17 days
Latest result
The most recent RBNZ Interest Rate Decision (May 27, 2026) printed 2.25% versus 2.25% expected (previous 2.25%) — in line with forecast.
What it measures
This is the Reserve Bank of New Zealand's decision on interest rates. New Zealand is a small economy whose central bank has a single job, keeping inflation in check, and a reputation for bold moves. The decision comes with guidance, but here the size of the move itself often surprises.
Higher rates reward holding the New Zealand dollar, so a rise or a hint of more tends to lift it and a cut weakens it. What sets this central bank apart is its willingness to surprise on the size of a move in either direction, which makes its meetings some of the most jumpy in the developed world, so the reaction can be outsized even when the direction is expected. Like the Australian dollar, the New Zealand dollar is a small, growth-sensitive currency that swings with global risk appetite and with demand for its commodity exports such as dairy. Because the market is small, moves around the decision can be sharper than the news alone would suggest.
What a higher or lower RBNZ Interest Rate Decision means for the NZD
A stronger-than-expected reading points to a more resilient economy or higher-for-longer rates, which tends to draw capital into the NZD.
Higher than forecast
An actual above the 2.25% forecast is typically bullish for the NZD.
Lower than forecast
An actual below the 2.25% forecast is typically bearish for the NZD.
Release history
Every release of RBNZ Interest Rate Decision: actual vs forecast and the beat/miss outcome. Click a date for the full read of that release.
| Release | Actual | Forecast | Previous | Outcome |
|---|---|---|---|---|
| May 27, 2026 | 2.25% | 2.25% | 2.25% | inline |
| Apr 8, 2026 | 2.25% | 2.25% | 2.25% | inline |
| Feb 18, 2026 | 2.25% | 2.25% | 2.25% | inline |
| Nov 26, 2025 | 2.25% | 2.25% | 2.5% | inline |
| Oct 8, 2025 | 2.5% | 2.5% | 3% | inline |
| Aug 20, 2025 | 3% | 3.0% | 3.25% | inline |
| Jul 9, 2025 | 3.25% | 3.25% | 3.25% | inline |
| May 28, 2025 | 3.25% | 3.25% | 3.5% | inline |
| Apr 9, 2025 | 3.5% | 3.5% | 3.75% | inline |
| Feb 19, 2025 | 3.75% | 3.75% | 4.25% | inline |
| Nov 27, 2024 | 4.25% | 4.25% | 4.75% | inline |
| Oct 9, 2024 | 4.75% | 4.75% | 5.25% | inline |
| Aug 14, 2024 | 5.25% | 5.5% | 5.5% | below |
| Jul 10, 2024 | 5.5% | 5.5% | 5.5% | inline |
| May 22, 2024 | 5.5% | 5.5% | 5.5% | inline |
| Apr 10, 2024 | 5.5% | 5.5% | 5.5% | inline |
| Feb 28, 2024 | 5.5% | 5.5% | 5.5% | inline |
| Nov 29, 2023 | 5.5% | 5.5% | 5.5% | inline |
| Oct 4, 2023 | 5.5% | 5.5% | 5.5% | inline |
| Aug 16, 2023 | 5.5% | 5.5% | 5.5% | inline |
| Jul 12, 2023 | 5.5% | 5.5% | 5.5% | inline |
| May 24, 2023 | 5.5% | 5.5% | 5.25% | inline |
| Apr 5, 2023 | 5.25% | 5% | 4.75% | above |
| Feb 22, 2023 | 4.75% | 4.75% | 4.25% | inline |
| Nov 23, 2022 | 4.25% | 4.25% | 3.5% | inline |
| Oct 5, 2022 | 3.5% | 3.5% | 3% | inline |
| Aug 17, 2022 | 3.0% | 3% | 2.5% | inline |
| Jul 13, 2022 | 2.5% | 2.5% | 2.0% | inline |
| May 25, 2022 | 2.0% | 2% | 1.5% | inline |
| Apr 13, 2022 | 1.5% | 1.25% | 1% | above |
| Feb 23, 2022 | 1.0% | 1% | 0.75% | inline |
| Nov 24, 2021 | 0.75% | 0.75% | 0.5% | inline |
| Oct 6, 2021 | 0.5% | 0.5% | 0.25% | inline |
| Aug 18, 2021 | 0.25% | 0.5% | 0.25% | below |
| Jul 14, 2021 | 0.25% | 0.25% | 0.25% | inline |
| May 26, 2021 | 0.25% | 0.25% | 0.25% | inline |
Frequently asked questions
- What is RBNZ Interest Rate Decision?
- This is the Reserve Bank of New Zealand's decision on interest rates. New Zealand is a small economy whose central bank has a single job, keeping inflation in check, and a reputation for bold moves. The decision comes with guidance, but here the size of the move itself often surprises.
- What was the latest RBNZ Interest Rate Decision reading?
- The most recent release (May 27, 2026) came in at 2.25%, versus a forecast of 2.25% and a previous 2.25% — in line with expectations.
- When is the next RBNZ Interest Rate Decision?
- The next RBNZ Interest Rate Decision is scheduled for Jul 8, 2026. It is released 7 times per year.
- What happens to the NZD if RBNZ Interest Rate Decision is higher than expected?
- An actual reading above the consensus forecast is typically bullish for the NZD, while a reading below forecast is bearish for the NZD. A stronger-than-expected reading points to a more resilient economy or higher-for-longer rates, which tends to draw capital into the NZD.
- How does RBNZ Interest Rate Decision affect the NZD?
- Higher rates reward holding the New Zealand dollar, so a rise or a hint of more tends to lift it and a cut weakens it. What sets this central bank apart is its willingness to surprise on the size of a move in either direction, which makes its meetings some of the most jumpy in the developed world, so the reaction can be outsized even when the direction is expected. Like the Australian dollar, the New Zealand dollar is a small, growth-sensitive currency that swings with global risk appetite and with demand for its commodity exports such as dairy. Because the market is small, moves around the decision can be sharper than the news alone would suggest.