Discontinuation of the Weekly M1,M3 and PSC survey

The Reserve Bank has discontinued the collection of data from M3 institutions for the purpose of constructing weekly monetary and credit aggregates (M1, M3 and PSC). The last set of published weekly data relates to 28 March 2001. Weekly aggregate data have been published by the bank since 1991. The objective of these aggregate series has been to provide information on money and credit on a more timely basis than was possible with the core monthly series, and for analytical purposes with data at a higher frequency than monthly.

The Bank's monthly monetary and credit aggregate series are more comprehensive, providing M1, M3, M3R (resident M3), PSC, PSCR , including and excluding repos. It has been concluded that reporting costs for the Bank and respondents for the weekly series outweigh any analytical benefits available. This decision is in line with that taken by the Reserve Bank of Australia, which ceased collection of weekly data in June 2000.

The historical weekly series will remain available on the Bank's website.