{
  "data": {
    "id": "reserve-bank-of-new-zealand-2026-04-08",
    "bank": "reserve-bank-of-new-zealand",
    "bankName": "Reserve Bank of New Zealand",
    "country": "NZ",
    "date": "2026-04-08",
    "announceAt": "2026-04-08T02:00:00Z",
    "timezone": "Pacific/Auckland",
    "dateStatus": "published",
    "movedFrom": null,
    "rateBefore": 2.25,
    "step": 0.25,
    "calendarSource": "https://www.rbnz.govt.nz/news-and-events/how-we-release-information/ocr-decision-dates-and-financial-stability-report-dates-to-feb-2028",
    "citation": "Decision date listed on the RBNZ OCR decision dates page; the RBNZ releases monetary policy and OCR decisions at 2pm New Zealand time (https://www.rbnz.govt.nz/news-and-events/how-we-release-information), here NZST, UTC+12.",
    "settleSource": {
      "role": "decision-statement",
      "pattern": "https://www.rbnz.govt.nz/news-and-events/news/<YYYY>/<MM>/<free-text slug> (e.g. ocr-held-at-2-25-percent)",
      "foundAt": "https://www.rbnz.govt.nz/monetary-policy/monetary-policy-decisions",
      "example": "https://www.rbnz.govt.nz/news-and-events/news/2026/09/ocr-increased-by-25-basis-points-to-2-75",
      "resolvable": false,
      "reads": {
        "right": 0,
        "wrong": 0,
        "void": 0
      }
    },
    "observed": {
      "at": "2026-04-08T02:00:00Z",
      "rateBefore": 2.25,
      "rateAfter": 2.25,
      "direction": "hold",
      "statement": "https://www.rbnz.govt.nz/news-and-events/news/2026/04/ocr-on-hold-at-2-25",
      "observed": true
    },
    "page": "https://macroindex.org/bank/reserve-bank-of-new-zealand/decision/2026-04-08",
    "account": {
      "summary": "The Reserve Bank of New Zealand held the Official Cash Rate at 2.25%.",
      "vote": "consensus",
      "reasons": [
        "The Committee said the conflict in the Middle East had disrupted global supply chains and pushed up prices for oil and refined petroleum products, so near-term inflation was expected to rise and the economic recovery to weaken.",
        "It said weak demand and spare productive capacity should limit how far higher costs could be passed on, unlike in 2022 when demand was growing strongly.",
        "The Committee said holding the OCR balanced the benefits of responding pre-emptively to the risk of higher medium-term inflation against the cost of unnecessarily stifling the recovery."
      ],
      "guidance": "The Committee said decisive and timely OCR increases would be required if core inflation, wage growth and medium- and long-term inflation expectations did not stay contained.",
      "quote": "If these conditions are not met, decisive and timely increases in the OCR would be required.",
      "links": [
        {
          "label": "Media conference slides (PDF)",
          "url": "https://www.rbnz.govt.nz/-/media/project/sites/rbnz/files/events/2026/april-mpr-presentation.pdf"
        }
      ],
      "readFrom": [
        "https://www.rbnz.govt.nz/news-and-events/news/2026/04/ocr-on-hold-at-2-25"
      ],
      "at": "2026-10-10"
    }
  },
  "meta": {
    "dataset_version": "2026-10-10.30752eb2",
    "built_at": "2026-10-10T18:04:32Z",
    "generated_at": "2026-10-10T20:39:59.412Z",
    "licence": "CC BY 4.0: credit \"Macro Index\" and link to the site",
    "docs": "https://macroindex.org/openapi.json"
  }
}