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Annual Report 2022


Read our Annual Report for 2021 to 2022.

We are pleased to have published our Annual Report for 2021 to 2022.

During the past year, we remained focused on supporting New Zealand’s economic recovery through the COVID-19 pandemic.

While the global and domestic economic environment remains challenging, including ongoing inflationary pressures, we progressed core areas of work to support New Zealand’s financial stability.

Year at a glance

He tirohanga o tēnei tau

7.3% inflation icon 3.3% unemployment rate


Consumer price inflation is at 7.3% as at June 2022 - above the 1% to 3% target band. Find out more about inflation.

Unemployment rate

The unemployment rate is 3.3%. The Monetary Policy Committee noted employment is above its maximum sustainable level.

Financial stability icon Bank notes icon

Financial stability

Financial institutions remain sound. Our 2021 stress test showed New Zealand’s banking system has a stronger level of resilience than a year ago. Read our Financial Stability Report.

Bank notes and coins

Banknotes and coins in circulation were up by $0.8 billion (to $9 billion) during 2021 to 2022. Find out more about New Zealand's banknotes and coins.

NZClear icon ESAS icon


Availability of our clearing and settlement service NZClear provides trust and confidence in New Zealand's financial system.

Exchange Settlement Account System (ESAS)

Availability of our payments and settlements system ESAS provides trust and confidence in New Zealand's financial system.

Cash in circulation icon Official Cash Rate icon

Cash in circulation

$9 billion cash in circulation.

Official Cash Rate (OCR)

The Monetary Policy Committee (MPC) raised the OCR from a low of 0.25% to 3% (2% as at 30 June 2022). The OCR changed to 3.5% on 5 October 2022. Find out more about the OCR.

RBA calendar icon Relationship Charter survey icon

Founding legislation

On 1 July 2022, we welcomed our foundational legislation the Reserve Bank of New Zealand Act 2021. Read more about the Act.

2022 Relationship Charter Survey

93% of bank participants rated the Reserve Bank as ‘good’ or ‘very good’ in our 2022 Relationship Charter survey.

We have assisted in delivering a sound and efficient financial system, a robust and fit-for-purpose payment and settlement systems and money and cash availability for New Zealand’s needs.

Adrian Orr, Governor of the Reserve Bank of New Zealand