Official Cash Rate

E298099
benchmark interest rate monetary policy instrument

The Official Cash Rate is New Zealand’s key benchmark interest rate used by the Reserve Bank of New Zealand to influence inflation, economic activity, and overall monetary conditions.

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All labels observed (1)

Label Occurrences
Official Cash Rate canonical 4

Statements (48)

Predicate Object
instanceOf benchmark interest rate ⓘ
monetary policy instrument ⓘ
administeredBy Reserve Bank of New Zealand ⓘ
affects deposit rates ⓘ
domestic demand ⓘ
exchange rate of New Zealand dollar ⓘ
inflation expectations ⓘ
lending rates ⓘ
mortgage rates ⓘ
short-term interest rates ⓘ
announcedBy Monetary Policy Committee of the Reserve Bank of New Zealand ⓘ
appliesTo overnight cash market ⓘ
belongsToSystem New Zealand monetary policy framework ⓘ
country New Zealand ⓘ
currency New Zealand dollar ⓘ
decisionFrequency seven or eight times per year ⓘ
decisionType monetary policy decision ⓘ
framework inflation targeting ⓘ
goal price stability ⓘ
supporting maximum sustainable employment ⓘ
implementedThrough open market operations ⓘ
settlement cash management ⓘ
standing facilities ⓘ
influences bank funding costs ⓘ
business investment ⓘ
credit conditions ⓘ
household consumption ⓘ
housing market activity ⓘ
introducedBy Reserve Bank of New Zealand ⓘ
introducedInYear 1999 ⓘ
legalBasis Reserve Bank of New Zealand Act 1989 ⓘ
monitoredBy businesses ⓘ
commercial banks ⓘ
financial markets ⓘ
households ⓘ
region Oceania ⓘ
replaced previous monetary policy operating regime based on monetary conditions index ⓘ
sector banking system ⓘ
setIn New Zealand dollars overnight interbank market ⓘ
shortName OCR ⓘ
targetInflationMeasure consumer price inflation ⓘ
targetInflationMidpoint 2 percent per annum ⓘ
targetInflationRange 1 to 3 percent per annum ⓘ
usedFor anchoring short-term interest rates ⓘ
inflation control ⓘ
influencing economic activity ⓘ
influencing monetary conditions ⓘ
signalling monetary policy stance ⓘ

Referenced by (4)

Full triples — surface form annotated when it differs from this entity's canonical label.

Reserve Bank of New Zealand → sets → Official Cash Rate ⓘ
Reserve Bank of New Zealand → monetaryPolicyInstrument → Official Cash Rate ⓘ
Monetary Policy Committee of the Reserve Bank of New Zealand → usesInstrument → Official Cash Rate ⓘ
Te Pūtea Matua → monetaryPolicyInstrument → Official Cash Rate ⓘ