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The Reserve Bank of New Zealand left its official cash rate/OCR unchanged at a record low of 1 percent on September 25th 2019, as widely expected, and following a 25 bps cut in the previous meeting. Policymakers said there remains scope for more fiscal and monetary stimulus, if necessary, to support the economy and maintain inflation and employment objectives.

The Reserve Bank of New Zealand lowered its official cash rate by 50bps to a fresh record low of 1 percent at its August 2019 meeting, while markets had forecast a smaller 25bps cut. This was the first rate cut since May, aiming to support inflation amid weakening global economic activity and ongoing trade tensions. Policymakers signaled further rate cuts could be possible.

The Reserve Bank of New Zealand left its official cash rate/OCR unchanged at a record low of 1.5 percent at its June 2019 meeting, as widely expected. The move follows a 25 bps cut in the previous meeting. Policymakers said that a lower OCR may be needed over time given the downside risks around the inflation and employment outlook.

The Reserve Bank of New Zealand lowered its official cash rate/OCR by 25 bps to a new record low of 1.5 percent at its May 2019 meeting, as widely expected. It was the first rate cut since November 2016, saying it is necessary to support the outlook for employment and inflation consistent with its policy remit amid slower global economic growth. Policymakers added that a lower path for the cash rate over the forecast period was appropriate and reflected the economic projections and the balance of risks.

The Reserve Bank of New Zealand left its official cash rate/OCR unchanged at a record low of 1.75 percent at its March 2019 meeting, as widely expected. Policymakers said that given the weaker global economic outlook, in particular amongst some key trading partners including Australia, Europe, and China, and reduced momentum in domestic spending, the more likely direction of the next OCR move is down. Policymakers also mentioned that as capacity pressures build, consumer price inflation is expected to increase to around the mid-point of the 2 percent target range.

The Reserve Bank of New Zealand left its official cash rate/OCR unchanged at a record low of 1.75 percent on 13th February 2019, as widely expected. Policymakers said that low interest rate support domestic economic growth and inflation, and highlighted that the tailwind from a slowing global economy may reduce demand for New Zealand's exports. The Committee noted that the inflation rate is near the 2 percent target rate, mostly due to cost of petrol and to keep inflation close to target, the economy needs continued support from monetary policy. Policymakers added that rates will remain at this level through 2019 and 2020 and that the direction of the next move could be up or down.