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The Official Cash Rate set by the Reserve Bank of New Zealand's Monetary Policy Committee.
| Published by | Reserve Bank of New Zealand |
|---|---|
| Country | New Zealand |
| Currency affected | NZD |
| Release frequency | Every 6 weeks |
| Usual release time | 02:00 GMT (UTC+00:00) |
| Impact rating | High impact |
| Typical volatility | 60-130 pips on NZD/USD inside the first hour |
The RBNZ Interest Rate Decision is released every 6 weeks by Reserve Bank of New Zealand, usually at 02:00 GMT (UTC+00:00). These are the dates inside our calendar window.
The RBNZ publishes a projected rate track, and revisions to that track move the kiwi more than the decision.
NZD is the least liquid major, so policy surprises produce disproportionately large moves.
Typical volatility around the release is 60-130 pips on NZD/USD inside the first hour. That is an average, not a limit: when the figure lands far from consensus, or when it contradicts the central bank's own guidance, the move can be several times larger and can extend for the rest of the session.
| Pair | Why it reacts |
|---|---|
| NZD/USD | The direct expression of RBNZ policy. |
| AUD/NZD | Isolates the kiwi against the Aussie. |
| NZD/JPY | Carry-sensitive kiwi expression. |
Surprise is the released figure minus the consensus forecast, in the units of the release. Green means the figure printed above consensus, red below.
| Release date | Period | Previous | Forecast | Actual | Surprise |
|---|---|---|---|---|---|
| 8 Jul 2026 | Jul meeting | 2.75% | 2.75% | 2.75% | 0.00 |
| 27 May 2026 | May meeting | 2.75% | 2.75% | 2.75% | 0.00 |
| 15 Apr 2026 | Apr meeting | 2.75% | 2.75% | 2.75% | 0.00 |
| 4 Mar 2026 | Mar meeting | 2.75% | 2.75% | 2.75% | 0.00 |
| 21 Jan 2026 | Jan meeting | 2.75% | 2.75% | 2.75% | 0.00 |
| 10 Dec 2025 | Dec meeting | 2.75% | 2.75% | 2.75% | 0.00 |
| 29 Oct 2025 | Oct meeting | 2.75% | 2.75% | 2.75% | 0.00 |
| 17 Sep 2025 | Sep meeting | 2.75% | 2.75% | 2.75% | 0.00 |
Reserve Bank of New Zealand publishes the RBNZ Interest Rate Decision for New Zealand. It is released every 6 weeks, typically at 02:00 GMT (UTC+00:00).
We rate this release high impact. In our sample the typical move is 60-130 pips on NZD/USD inside the first hour, though a large deviation from consensus can produce considerably more.
NZD/USD, AUD/NZD, NZD/JPY carry the cleanest reaction. The direct expression of RBNZ policy.
No. The currency reaction depends on how the figure changes the expected path of interest rates, not on whether the headline is high or low. The same surprise can be read very differently depending on the central bank's current stance.