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
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InflationConsumer price inflation is at 7.3% as at June 2022 - above the 1% to 3% target band. Find out more about inflation. |
Unemployment rateThe unemployment rate is 3.3%. The Monetary Policy Committee noted employment is above its maximum sustainable level. |
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Financial stabilityFinancial 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 coinsBanknotes 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. |
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NZClearAvailability 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. |
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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. |
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Founding legislationOn 1 July 2022, we welcomed our foundational legislation the Reserve Bank of New Zealand Act 2021. Read more about the Act. |
2022 Relationship Charter Survey93% 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.
