NZ's three-month rate climbed. The Reserve Bank held
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What the chart shows
A split Reserve Bank committee left New Zealand's official cash rate at 2.75% on Wednesday. The chart shows what the market had been preparing for: the three-month interbank rate rose from 2.47% in November 2025 to 3.13% by September, above the cash rate the bank then held.
Prices rose 3.7% in the year to September, or 3.0% without vehicle fuel, and that was enough for the majority. Paul Conway, Hayley Gourley and Karen Silk wanted to go to 3%.
The door is still open. Every member agreed policy will likely need to tighten, depending on the data, and the bank expects inflation of 4.4% in the December quarter, mostly from fuel. December brings fresh forecasts with the decision.
The story behind it
New Zealand's Reserve Bank held rates at 2.75% when almost everyone expected a rise Read the edition →On the calendar
The US releases that move markets, in New Zealand and Australian time. Economic calendar →The numbers
NZ's three-month interbank rate by month, Jan 2020 to Sep 2026, in percent. It rose from 2.47% last November to 3.13%; the cash rate held at 2.75% on Wednesday.
| NZ three-month interbank rate, % | |
|---|---|
| Jan 2020 | 1.27% |
| Feb 2020 | 1.18% |
| Mar 2020 | 0.71% |
| Apr 2020 | 0.39% |
| May 2020 | 0.26% |
| Jun 2020 | 0.28% |
| Jul 2020 | 0.30% |
| Aug 2020 | 0.29% |
| Sep 2020 | 0.30% |
| Oct 2020 | 0.27% |
| Nov 2020 | 0.27% |
| Dec 2020 | 0.26% |
| Jan 2021 | 0.28% |
| Feb 2021 | 0.28% |
| Mar 2021 | 0.33% |
| Apr 2021 | 0.34% |
| May 2021 | 0.35% |
| Jun 2021 | 0.33% |
| Jul 2021 | 0.40% |
| Aug 2021 | 0.54% |
| Sep 2021 | 0.57% |
| Oct 2021 | 0.70% |
| Nov 2021 | 0.83% |
| Dec 2021 | 0.91% |
| Jan 2022 | 1.03% |
| Feb 2022 | 1.21% |
| Mar 2022 | 1.49% |
| Apr 2022 | 1.81% |
| May 2022 | 2.22% |
| Jun 2022 | 2.68% |
| Jul 2022 | 3.03% |
| Aug 2022 | 3.31% |
| Sep 2022 | 3.64% |
| Oct 2022 | 4.00% |
| Nov 2022 | 4.24% |
| Dec 2022 | 4.53% |
| Jan 2023 | 4.81% |
| Feb 2023 | 5.01% |
| Mar 2023 | 5.15% |
| Apr 2023 | 5.49% |
| May 2023 | 5.67% |
| Jun 2023 | 5.68% |
| Jul 2023 | 5.67% |
| Aug 2023 | 5.64% |
| Sep 2023 | 5.68% |
| Oct 2023 | 5.68% |
| Nov 2023 | 5.63% |
| Dec 2023 | 5.63% |
| Jan 2024 | 5.64% |
| Feb 2024 | 5.71% |
| Mar 2024 | 5.64% |
| Apr 2024 | 5.63% |
| May 2024 | 5.62% |
| Jun 2024 | 5.62% |
| Jul 2024 | 5.55% |
| Aug 2024 | 5.30% |
| Sep 2024 | 5.05% |
| Oct 2024 | 4.65% |
| Nov 2024 | 4.42% |
| Dec 2024 | 4.27% |
| Jan 2025 | 4.05% |
| Feb 2025 | 3.81% |
| Mar 2025 | 3.67% |
| Apr 2025 | 3.49% |
| May 2025 | 3.34% |
| Jun 2025 | 3.30% |
| Jul 2025 | 3.25% |
| Aug 2025 | 3.10% |
| Sep 2025 | 2.93% |
| Oct 2025 | 2.58% |
| Nov 2025 | 2.47% |
| Dec 2025 | 2.49% |
| Jan 2026 | 2.50% |
| Feb 2026 | 2.49% |
| Mar 2026 | 2.51% |
| Apr 2026 | 2.56% |
| May 2026 | 2.63% |
| Jun 2026 | 2.68% |
| Jul 2026 | 2.85% |
| Aug 2026 | 2.98% |
| Sep 2026 | 3.13% |
81 rows: scroll the table for the rest.
How we make these charts: one chart a day from a story in the edition, drawn from the figures the story names and checked against the sources named on the chart before it is published. General information only, not financial advice.
