{
  "data": {
    "id": "reserve-bank-of-new-zealand-2026-07-08",
    "bank": "reserve-bank-of-new-zealand",
    "bankName": "Reserve Bank of New Zealand",
    "country": "NZ",
    "date": "2026-07-08",
    "announceAt": "2026-07-08T02:00:00Z",
    "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": "2026-07-08T02:00:00Z",
      "rateBefore": 2.25,
      "rateAfter": 2.5,
      "direction": "raise",
      "statement": "https://www.rbnz.govt.nz/news-and-events/news/2026/07/ocr-increased-to-2-50-to-return-inflation-to-2-percent",
      "observed": true
    },
    "page": "https://macroindex.org/bank/reserve-bank-of-new-zealand/decision/2026-07-08",
    "account": {
      "summary": "The Reserve Bank of New Zealand raised the Official Cash Rate by 25 basis points to 2.50%, its first move of 2026.",
      "vote": "consensus",
      "reasons": [
        "The Committee said global oil and other petrochemical prices had fallen markedly after the partial reopening of the Strait of Hormuz, easing near-term inflation pressures, though the effects of the shock would linger.",
        "It noted that the recovery lost momentum in the June quarter as the oil shock weighed on activity, with growth expected to resume in the September quarter.",
        "The Committee said that with inflation still above target and activity expected to strengthen, some further reduction in monetary stimulus was likely to be required."
      ],
      "guidance": "The Committee said future OCR decisions would depend on how incoming data, price-setting behaviour and the strength of economic activity affect medium-term inflation pressures.",
      "quote": "some further reduction in monetary stimulus is likely to be required to return inflation to the 2 percent target mid-point",
      "links": [
        {
          "label": "Media conference slides (PDF)",
          "url": "https://www.rbnz.govt.nz/-/media/project/sites/rbnz/files/publications/monetary-policy-review/2026/monetary-policy-review-july-2026-media-conference-presentation.pdf"
        }
      ],
      "readFrom": [
        "https://www.rbnz.govt.nz/news-and-events/news/2026/07/ocr-increased-to-2-50-to-return-inflation-to-2-percent"
      ],
      "at": "2026-10-10"
    }
  },
  "meta": {
    "dataset_version": "2026-10-10.30752eb2",
    "built_at": "2026-10-10T18:04:32Z",
    "generated_at": "2026-10-10T20:40:01.421Z",
    "licence": "CC BY 4.0: credit \"Macro Index\" and link to the site",
    "docs": "https://macroindex.org/openapi.json"
  }
}