New Zealand
The Official Cash Rate (OCR) is the interest rate set by the Reserve Bank of New Zealand to meet the inflation target specified in the Policy Targets Agreement. The current agreement, signed in December 2008, defines price stability as annual increases in the Consumers Price Index (CPI) of between 1 and 3 per cent on average over the medium term.
The OCR was introduced in March 1999 and is reviewed eight times a year by the Reserve Bank. Monetary Policy Statements are issued with the OCR on four of those occasions. Unscheduled adjustments to the OCR may occur at other times in response to unexpected or sudden developments, but to date this has occurred only once, following the 11 September 2001 attacks on America.
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