Fiatmap

Cost of moneyNew Zealand

Real policy rate in New Zealand

Does money at the central bank’s rate actually beat inflation?

New Zealand's real policy rate is -0.34 % — #43 of 53 countries on the atlas (higher is better). Period 2026-07.

-0.34%

Checked 8 Sept 2026Period 2026-07

Source: Fiatmap derived metrics (own calculation from separately sourced components)

Negative: cash in New Zealand loses 0.3 pp of purchasing power a year even in the bank.

Among 53 countries

2 of 53 countries between -2.17 % and -1.86 %1 of 53 countries between -1.86 % and -1.55 %3 of 53 countries between -1.55 % and -1.24 %1 of 53 countries between -1.24 % and -0.93 %1 of 53 countries between -0.93 % and -0.62 %3 of 53 countries between -0.62 % and -0.31 %10 of 53 countries between -0.31 % and 0.00 %4 of 53 countries between 0.00 % and 0.31 %1 of 53 countries between 0.31 % and 0.62 %3 of 53 countries between 0.62 % and 0.93 %4 of 53 countries between 0.93 % and 1.24 %6 of 53 countries between 1.24 % and 1.56 %3 of 53 countries between 1.87 % and 2.18 %3 of 53 countries between 2.49 % and 2.80 %2 of 53 countries between 2.80 % and 3.11 %1 of 53 countries between 3.11 % and 3.42 %2 of 53 countries between 3.73 % and 4.04 %3 of 53 countries between 4.97 % and 5.28 %median 0.63 %New Zealand: ahead of 19 % of the 53 countries with a published real policy rateNew Zealand -0.34 %-2.17 %5.28 %
Half of all 53 countries sit between -0.15 % and 1.91 %. New Zealand is ahead of 19 % of them. Axis trimmed to the 2nd–98th percentile; 3 values beyond it sit in the end bars.
Rank
#43 of 53
higher is better
Ranked behind
19 %
10 of 53 countries
Latest move
▲ 0.25 pp
since June 2026

vs median 0.63 %: −0.97 pp (worse)

The neighbourhood

#CountryReal policy ratevs New Zealand
41 Belgium-0.22 %+0.12 pp
42 Greece-0.23 %+0.11 pp
43 New Zealand-0.34 %—
44 Spain-0.45 %−0.11 pp
45 Austria-0.53 %−0.19 pp

Policy rate minus annual CPI inflation — positive means money in the bank beats inflation. Our calculation from separately sourced components.

How to read this figure

Our own calculation: the central bank policy rate minus annual CPI inflation. It answers one question — does parked money beat rising prices? Both components are separately sourced official figures, and we never compute it when either leg is missing.

Next, about New Zealand

Inflation rate
Real policy rate, all countries ranked →Compare New Zealand with another country →Everything about New Zealand →Methodology →
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