Reserve Bank of New Zealand meeting —
At its 9 July 2025 meeting, the Reserve Bank of New Zealand held its policy rate at 3.25%.
Decision
hold — 3.25% to 3.25%
Key passages
The Monetary Policy Committee today agreed to hold the Official Cash Rate at 3.25 percent.
Annual consumers price inflation will likely increase towards the top of the Monetary Policy Committee’s 1 to 3 percent target band over mid-2025. However, with spare productive capacity in the economy and declining domestic inflation pressures, headline inflation is expected to remain in the band and return to around 2 percent by early 2026.
Meeting documents
Background reading
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