The Data: Coverage, Periodicity, and Timeliness

Coverage characteristics

Reflect the interest rates that are being quoted with the New Zealand markets.

The following data is collected:
(a) Official Cash Rate (OCR): is an interest rate set by the Reserve Bank to implement monetary policy, so as to maintain price stability.

(b) Overnight Interbank Cash Rate: the weighted average interbank overnight interest rate, which reflects interest rates at which banks have actually borrowed and lent, secured and unsecured funds.

(c) 30, 60 and 90 day Bank Bill rates: the indicative mid- rates at 11.10am., published by Reuters.

(d) Benchmark 1, 2, 5, and 10 year Government bond and Inflation Indexed bonds (IIB) rates: the indicative mid rates at 11.10am., published by Reuters.

(e) MCI (Monetary Conditions Index): calculated by the RBNZ using indicative TWI and 90 day interest rates at 11.10am. This series is published only in the historical table. The series has been discontinued.

Data covering daily, weekly averages and monthly averages are available on our website, with selected series beginning in 1985.

Periodicity

Daily, weekly and monthly.

Timeliness

The website is updated daily at approximately 3pm.

Access by the public

Advance release calendar

The "Advance Release Calendar" is updated and released each Friday on the website. This is a long-term plan of scheduled releases.

Integrity

Dissemination of terms and conditions under which official statistics are produced, including confidentiality of individual responses

Although there is no legal requirement for the RBNZ to publish data on interest rates, the data are disseminated by the RBNZ as a service to the public.

The RBNZ collects, monitors and analyses the data in undertaking its market operations functions. These operations involve liaising with and monitoring financial markets, in order to ensure effective implementation of monetary policy and the maintenance of the RBNZ's capacity to intervene in financial markets if required.

Provision of information about revisions and advance notice of major changes in methodology

New data added to the series is normally in bold font. Normally there are no revisions to this data as it is collected directly from the electronic wire services' information. However if revisions occurred, they would also be in bold font.

Quality

Dissemination of documentation on methodology and sources used in preparing statistics

The RBNZ Bulletin, Vol 62 No 1, Mar 1999, contains an article on Monetary policy implementation: changes to operating procedures in which implementing the Official Cash Rate (OCR) is outlined.

Dissemination of ... that support statistical cross-check and provide assurance of reasonableness

A reasonableness check of the data is undertaken prior to the data being released.