The Reserve Bank of New Zealand raised its benchmark rate by 0.25 percentage points on 9 July 2026. The move ends a hiatus that began in 2023. In response, the country’s major lenders lifted their own interest rates. ASB Bank said the hike marks the end of the period of record-low mortgage rates. Analysts at UBS said the policy shift puts added strain on the New Zealand dollar and anticipate more rate moves later this year. The policy change aims to move toward a more neutral stance.