Other G10 Central Banks: RBA, BoC, SNB, Nordics, RBNZ — 2026-10-25
The Reserve Bank of New Zealand and the Bank of Canada are the primary focus this week, with both central banks expected to announce rate hikes on October 28. While the RBNZ faces pressure from a weak kiwi and rising energy costs, the Bank of Canada is weighed down by soft labor data, creating a split path for G10 monetary policy. Meanwhile, the Swiss National Bank maintains its zero-rate stance as the franc weakens, and the Riksbank holds steady with a hawkish bias.
Other G10 Central Banks: RBA, BoC, SNB, Nordics, RBNZ — 2026-10-25
Top developments
RBNZ set to hike OCR to 3% ahead of election
The Reserve Bank of New Zealand is widely expected to raise its Official Cash Rate (OCR) by 25 basis points to 3.0% on Wednesday, October 28. This decision comes just 10 days before New Zealand’s general election, driven by inflation risks from high oil prices and a depreciating kiwi dollar. Analysts note that the decision may require a formal vote due to differing perspectives on recent energy price developments.
Bank of Canada weighs preemptive hike against soft jobs
The Bank of Canada (BoC) meets on Wednesday, October 28, with markets split on whether it will implement a 25 basis point hike or delay until December or January. RBC economists highlight a "preemptive tightening focus," though recent disappointing labor data has complicated the outlook. The BoC’s decision is critical as it contrasts with the easing trends seen in some other major economies, highlighting a divergence in the G10 rate cycle.
Riksbank holds at 1.75% but signals future hikes
The Swedish Riksbank left its policy rate unchanged at 1.75% in its most recent decision, citing a strong economic activity despite supply disruptions. However, the bank explicitly warned that a rate hike could be on the way later in the year. SBAB, a major Swedish mortgage lender, forecasts three consecutive rate hikes starting in November, which would increase variable mortgage rates by 0.75 percentage points by early next year.
Local view
Switzerland: SNB abandons exchange-rate formula In its September decision, the Swiss National Bank (SNB) kept its policy rate at 0% but removed specific language regarding exchange rates from its statement. Swiss media reports that the SNB is dialing down its threat of currency intervention as the franc weakens, shifting its focus toward monitoring inflation more closely.
Norway: Krone volatility after September hike Norwegian outlets reported significant volatility in the krone following Norges Bank’s September decision to raise the policy rate to 4.50%. While the hike was intended to dampen price growth, local financial news highlights ongoing uncertainty about the sustainability of the current rate path, with the central bank preparing for potential further increases.
Context & numbers
- RBA Cash Rate: The Reserve Bank of Australia last increased its cash rate target by 25 basis points to 4.60% in its previous meeting.
- Norges Bank Policy Rate: Currently set at 4.50% following the September 24 decision.
- Riksbank Policy Rate: Held at 1.75%, with markets pricing a rise to 2.00% by year-end.
- SNB Policy Rate: Unchanged at 0.00%, the lowest among major G10 central banks.
On the radar
- October 28: Bank of Canada and RBNZ rate decisions.
- November: Riksbank meeting, where a hike is increasingly priced in by Swedish mortgage lenders.
- December/January: Alternative timing for a potential Bank of Canada hike if they choose to hold this week.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
Powered by
