every forecast, named and dated.when the RBNZ decides next.
The Reserve Bank of New Zealand (RBNZ) next decides the Official Cash Rate (OCR) on Wednesday 9 December 2026, with its Monetary Policy Statement. The OCR is 2.75%, after a rise in September 2026. ANZ, BNZ, Kiwibank and Westpac forecast 3.00% by December 2026, and ASB 3.25%.NZD Forecast is an independent website for New Zealanders deciding when to move money overseas. It shows what each NZ bank expects for the NZ dollar, with the date the bank said it and a link to the note. We publish no forecast of our own and we don't give advice.
Next RBNZ decisionBank forecasts, side by side.
9 December 2026Dated mid-market rates.
- 2.75% Every exchange rate is a European Central Bank reference rate, converted to NZD and dated.OCR nowThe RBNZ calendar.
- 3.00–3.25% The next Official Cash Rate decision and what the banks expect from it.Bank forecasts, Dec 2026What doesn't NZD Forecast do?
Source: We don't tell anyone to send, wait or hedge.Westpac NZ Weekly Commentary, 19 Oct 2026 (calendar)We don't run a transfer service, and we aren't affiliated with any bank or provider.. Check the RBNZ's own calendar at We don't publish algorithmic "price predictions" or forecasts of our own.rbnz.govt.nzWe don't call our rates "live". They are reference rates, dated..Who is NZD Forecast for?
Figures sourced fromNew Zealanders paying for something in Australia, Indian migrants in New Zealand sending money home, Australians moving money across the Tasman, and anyone else who needs to know where the NZ dollar might go before they move it.
ANZAuthorsWestpacWho writes and checks these pagesASBMethodologyBNZWhere every number comes fromKiwibankHow we make moneysoonAds and disclosed affiliate linksRBNZRead the disclaimerECB.Bank OCR forecastsDisclosures
What do the banks expect for NZD Forecast is independent. We don't run a transfer service and aren't affiliated with any bank or provider. Where a page carries an affiliate link, it says so next to the link. the OCR?How we make money
Each bank's latest published OCR forecast, as at the date shown. Figures are the expected OCR at the end of each period, in per cent..
| Bank · publishedForecasts are third-party views, shown with the bank's name, the date it published and a link to the source. We publish no forecast of our own. Bank forecasts are often wrong and change with each new note. | NowExchange rates are European Central Bank euro reference rates converted to NZD crosses (latest: 11 Nov 2026). They are mid-market reference rates, not live rates, and not the rate a bank or transfer service will give you. | Dec 2026Nothing on this site is financial advice. We report what the banks expect; we don't tell you when to send, wait or hedge. | Mar 2027Disclaimer | Jun 2027. | Sep 2027NZD | Dec 2027Forecast | Mar 2028What every NZ bank expects for the NZ dollar, with the date each one said it. | Jun 2028Forecasts | Dec 2028All bank forecasts |
|---|---|---|---|---|---|---|---|---|---|
| ANZNZD/AUD forecast18 Sep 2026NZD/USD forecast | 2.75NZD/GBP forecast | 3.00NZD/INR forecast | 3.50OCR and RBNZ dates | —Send money | —Send money overseas | 3.50NZ to Australia | —NZ to India | —NZ to the UK | —Guides |
| WestpacAll guides19 Oct 2026Why is the NZ dollar weak? | 2.75About | 3.00About NZD Forecast | 3.50Authors | —Methodology | —How we make money | 4.00Disclaimer | —© 2026 NZD Forecast · nzdforecast.com | — | 3.75 |
| ASBOctober 2026 | 2.75 | 3.25 | 3.25 | 3.25 | 3.25 | 3.25 | 3.25 | 3.25 | — |
| BNZ9 Nov 2026 | 2.75 | 3.00 | 3.50 | 3.75 | 3.75 | 3.75 | 3.75 | — | — |
| Kiwibank →29 Oct 2026 | 2.75 | 3.00 | — | — | — | — | — | — | — |
| Spread▲ now · ● banks |
Sources: ANZ NZ Latest forecasts (spreadsheet); Westpac NZ Weekly Commentary, 19 October 2026 (Economic and financial forecasts table); ASB Economic Forecast Update, October 2026 (FX forecasts by CBA's FX strategists, last updated August 2026); BNZ Markets Outlook, 9 November 2026 (Quarterly Forecasts table); Kiwibank Kiwi Economics, “Applause for the pause, as the RBNZ keeps cash at 2.75%”, 29 October 2026. ANZ's forecasts were finalised on 18 Sep 2026, before the RBNZ's 28 October 2026 decision. Kiwibank gives no quarterly OCR table; in its 29 Oct 2026 note it wrote: “We continue to expect a move to 3%, as outlined in the RBNZ’s September statement, followed by another pause. A move to 3.25% is still on the cards next year.”
The basics
What is the OCR?
The Official Cash Rate is the interest rate the Reserve Bank of New Zealand sets to keep inflation in its target range. It is the floor for wholesale interest rates in New Zealand, so it flows through to mortgage, deposit and bond rates.
The RBNZ reviews it several times a year. Some reviews come with a full Monetary Policy Statement, which includes the bank's own projections; the one on 9 December 2026 is one of these.
Why it matters for your money
How does the OCR affect the NZ dollar?
Higher NZ interest rates, compared with rates overseas, make NZ dollar deposits and bonds more attractive, which tends to support the NZD. So the currency often moves on decision day, especially when the RBNZ surprises the market.
On 11 Nov 2026 NZD/USD was 0.5584, at 8% of its 52-week range, and NZD/AUD was 0.8140. See NZD/AUD, all bank forecasts and why the NZ dollar is weak.
This page reports what the banks expect for the OCR. It isn't advice on when to send money or fix a loan.
FAQ
What else do people ask about the OCR?
Straight answers, with the source and date for every figure.
When is the next OCR announcement?
The Reserve Bank of New Zealand's next Official Cash Rate decision is on Wednesday 9 December 2026, alongside its Monetary Policy Statement. Source: Westpac NZ Weekly Commentary, 19 Oct 2026 (calendar). The RBNZ publishes its full schedule on rbnz.govt.nz.
What is the OCR in NZ right now?
The OCR is 2.75%. The RBNZ raised it to that level in September 2026, according to Westpac's 19 October 2026 commentary.
Will the OCR go up in December 2026?
All five banks we track expect it to. ANZ, BNZ, Kiwibank and Westpac forecast 3.00% by December 2026, and ASB 3.25%, against 2.75% now. The notes are dated ANZ 18 Sep 2026, Westpac 19 Oct 2026, ASB October 2026, BNZ 9 Nov 2026 and Kiwibank 29 Oct 2026. Bank forecasts are often wrong, and the RBNZ decides on the day.