A Reuters poll of 24 economists see the RBNZ raising rates to 4% by the year end. The prior survey in August saw the end of year rate at 3.5%. The economists also see a 50 basis point hike to 3.5% at the next meeting on October 5. The last meeting of the year is on November 22.
The Reserve Bank of New Zealand raised rates for the 1st time on October 6, 2021. At the time they move rates from 0.25% to 0.5%. After 2 other rises of 25 basis points that took the rate to 1.0%, the RBNZ has increased rates by 50 basis points over the last 4 meetings (the last one was on August 17, 2022).
The last terminal high rate was 3.5% which was the ceiling from July 2014 to June 2015. The last time the OCR rate was at 4% was in December 2008.
