Rate history
The Wholesale Curve page shows every rate on one day; this one shows one rate on every day. Pick any of the Official Cash Rate, the BKBM bank-bill fixings, the swap curve out to fifteen years or government bond yields, and read them against each other over decades rather than over a quarter.
As at 2026-09-02, DebtGauge holds daily New Zealand wholesale interest rates back to 1985: the Official Cash Rate, BKBM bank-bill fixings, swap rates and government bond yields, each on one chart.
See also: Swap ratesForward BKBMBond spreadsIssue marginsBKBM
As at 2026-09-02 · updated every trading day
| Rate | Latest | Held from |
|---|---|---|
| Official Cash Rate | 2.50% | 1999 |
| 90-day BKBM | 3.08% | 1985 |
| 5-year swap | 4.07% | 2007 |
| 10-year government bond | 4.78% | 1985 |
The OCR is the Reserve Bank's policy setting. BKBM is the traded bank-bill rate at one to three months, which a floating loan resets against. A swap rate is the fixed rate for a whole term. Government bond yields are the sovereign's own cost of money — a corporate does not borrow at them, but the gap between a bond yield and the swap of the same term is the swap spread.
A margin is quoted over a base rate, and the base rate is where most of the movement in a borrowing cost comes from. Seeing where the base sits against its own history tells you how much of a change in your all-in rate is the market and how much is your own credit.
Market data: Swap ratesRate historyForward BKBMBond spreadsIssue marginsBKBM
Indicative market data for benchmarking — not financial advice, a credit rating, or an offer of finance. See the Terms.
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