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 -0.09 % — #41 of 53 countries on the atlas (higher is better). Period 2026-09.

-0.09%

Checked 24 Oct 2026Period 2026-09

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

Negative: cash in New Zealand loses 0.1 pp of purchasing power a year even in the bank.

Real policy rate in New Zealand over time

-0.09 %-0.34 %-0.59 %-0.59 % · June 2026June 2026: -0.59 %July 2026: -0.34 %September 2026: -0.09 %June 2026July 2026September 2026-0.09 %
3 official observations, June 2026 → September 2026. Every point is a published value — never interpolated.
Rank
#41 of 53
higher is better
Ranked behind
23 %
12 of 53 countries
Latest move
▲ 0.25 pp
since July 2026
Full series
▲ 0.50 pp
since June 2026

vs median 0.88 %: −0.97 pp (worse)

Among 53 countries

2 of 53 countries between -1.92 % and -1.62 %1 of 53 countries between -1.62 % and -1.32 %4 of 53 countries between -1.32 % and -1.02 %1 of 53 countries between -1.02 % and -0.72 %1 of 53 countries between -0.72 % and -0.42 %3 of 53 countries between -0.42 % and -0.12 %7 of 53 countries between -0.12 % and 0.18 %7 of 53 countries between 0.18 % and 0.48 %4 of 53 countries between 0.78 % and 1.08 %5 of 53 countries between 1.08 % and 1.38 %3 of 53 countries between 1.38 % and 1.68 %1 of 53 countries between 1.68 % and 1.98 %1 of 53 countries between 1.98 % and 2.28 %2 of 53 countries between 2.28 % and 2.58 %4 of 53 countries between 2.58 % and 2.88 %1 of 53 countries between 2.88 % and 3.18 %1 of 53 countries between 3.18 % and 3.48 %2 of 53 countries between 3.78 % and 4.08 %3 of 53 countries between 4.98 % and 5.28 %median 0.88 %New Zealand: ahead of 23 % of the 53 countries with a published real policy rateNew Zealand -0.09 %-1.92 %5.28 %
Half of all 53 countries sit between -0.06 % and 2.16 %. New Zealand is ahead of 23 % of them. Axis trimmed to the 2nd–98th percentile; 3 values beyond it sit in the end bars.

The neighbourhood

#CountryReal policy ratevs New Zealand
39 Greece0.02 %+0.11 pp
40 Poland-0.06 %+0.03 pp
41 New Zealand-0.09 %—
42 United Kingdom-0.13 %−0.04 pp
43 Switzerland-0.15 %−0.06 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 →
Did this answer your question?