Depository corporations: Money and credit aggregates (C50)

This data gives information on New Zealand's monetary and credit aggregates derived from our consolidated balance sheet and the consolidated balance sheets of registered banks in New Zealand. This can be used to track the supply of money in the economy as well as the level of credit.
Previous years: Monthly:
Mar 2020 Mar 2021 Nov 2021 Dec 2021 Jan 2022 Feb 2022 Mar 2022
Broad money ($m)
Broad money (A+B) 337,987 365,809 382,985 391,602 384,879 386,923 390,385
A. Narrow money (M1) 91,128 119,403 137,277 141,425 136,858 136,841 140,155
A1. Currency held by the public 6,697 7,602 8,177 8,393 8,284 8,263 8,361
A2. Transaction deposits 84,430 111,802 129,100 133,032 128,574 128,578 131,794
B. Other components of broad money 246,860 246,406 245,708 250,177 248,021 250,082 250,230
B1. Savings deposits 86,859 112,063 116,677 117,639 116,541 117,114 117,232
B2. Term deposits 160,000 134,343 129,031 132,538 131,479 132,968 132,997
Domestic credit ($m)
Domestic credit (C+D) 507,618 542,795 567,833 576,332 572,047 572,268 575,545
C. Net credit to central government 18,929 41,207 43,144 50,167 42,507 41,795 44,400
C1. Credit to central government 34,579 96,784 92,155 91,174 90,173 89,596 88,346
C2. Less: Liabilities to central government 15,650 55,577 49,012 41,007 47,666 47,801 43,946
D. Private sector credit 488,689 501,588 524,690 526,165 529,540 530,473 531,146
D1. Loans 471,201 487,507 512,063 514,212 516,481 519,011 520,525
D2. Debt securities 6,718 6,661 7,323 7,008 6,731 6,741 6,408
D9. Other 10,769 7,421 5,304 4,945 6,328 4,721 4,212
Net credit to non-residents ($m)
Net credit to non-residents (E1-E2) -90,270 -97,606 -102,969 -106,036 -105,841 -103,812 -103,380
E1. Credit to non-residents 99,158 63,576 57,618 56,987 62,599 57,393 58,827
E2. Less: Liabilities to non-residents 189,428 161,181 160,587 163,023 168,440 161,205 162,207
Equity ($m)
Equity -48,365 -53,555 -54,432 -54,603 -55,499 -55,570 -56,279
Net other assets ($m)
Net other assets (F1-F2) -30,996 -25,825 -27,448 -24,090 -25,828 -25,963 -25,502
F1. Other assets 11,611 11,793 11,992 11,222 13,055 11,408 12,350
F2. Less: Other liabilities 42,607 37,618 39,440 35,312 38,883 37,371 37,852

The data: coverage, periodicity, and timeliness

Coverage characteristics

Components of broad money and the counterparts of broad money for Depository corporations.

Depository corporations comprise:

  • Reserve Bank of New Zealand
  • Registered banks

Data is sourced from the Reserve Bank Balance Sheet and the Reserve Bank’s Bank Balance Sheet Survey.

Most data starts in 31/12/2016 when the Bank Balance Sheet Survey replaced the Standard Statistical Return (SSR). However, some data has been backdated to provide long-run consistent data. The back series has been estimated using data from the SSR.

Periodicity and timeliness

Data is published on the last working day of the month.

Access by the public

Data release

Data is released on the Reserve Bank’s Statistics section.

Statistics release calendar

The Statistics Release Calendar provides a long-term plan of scheduled releases. It is updated and released on the first working day of the month.

View the Statistics Release Calendar

Integrity

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

Data is collected under Section 36 of The Reserve Bank of New Zealand Act 1989 (The Act).

Read the Reserve Bank of New Zealand Act 1989.

The Reserve Bank of New Zealand publishes only aggregated data. Individual institutional data is confidential.

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

Provisional data are italicised. Data are deemed provisional when a series is under review. New data, or revised data, are in bold font. This applies to the summary table only and not excel files. Revisions are generally published when the table is next due to be updated and released. Should revisions need to be made more promptly, a special note is posted on the website. Any major changes in methodology will be posted as a special note.

Quality

Dissemination of documentation on methodology and sources used in preparing statistics

The money and credit aggregates are compiled in line with the Monetary and Financial Statistics Manual and Compilation Guide (IMF 2016).

Depository corporations

Reserve Bank of New Zealand

The Reserve Bank of New Zealand is New Zealand’s central bank.

Registered banks

Consolidated banking group of banks operating in New Zealand and registered by the Reserve Bank of New Zealand.

Components of broad money

Broad money

Broad money is the sum of all liquid financial instruments held by money-holding sectors that are widely accepted in an economy as a medium of exchange, plus those that can be converted into a medium of exchange at short notice at, or close to, their full nominal value.

Narrow money (M1)

M1 is the narrowest money aggregate and comprises:

  • Currency held by the public
  • Transaction deposits

Currency held by the public

Currency issued by the Reserve Bank of New Zealand less any currency held by registered banks. Also known as notes and coins in the hands of the public.

Transaction deposits

Deposit balances where the purpose of the account is primarily for making transactions or "every day" banking by customers. Balances are on call.

Other components of broad money

Other components of broad money comprises:

  • Savings deposits
  • Term deposits
  • Other

Savings deposits

Deposit balances where the purpose of the account is primarily for saving. For some balances disincentives may apply if used for transaction purposes i.e. a “penalty” may apply such as loss of bonus interest. Balances are on call.

Term deposits

Customer time or term deposits with a maturity of greater than 1 day.

Other

Other components of broad money include:

  • Short-term debt securities
  • Money-market funds

Counterparts of broad money

Domestic credit

Domestic credit comprises:

  • Net credit to central government
  • Credit to other sectors (private sector credit)

Net credit to central government

Net credit to central government is calculated as Credit to central government less Liabilities to central government.

Credit to central government

Claims on central government by the Reserve Bank of New Zealand and registered banks including:

  • Debt securities
  • Loans and repos
  • Other claims

Liabilities to central government

Liabilities to central government from the Reserve Bank of New Zealand and registered banks including:

  • Deposits
  • Other liabilities

Private sector credit

Private sector credit (also known as claims on other sectors) comprises:

  • Debt securities
  • Loans and repos
  • Other claims

Loans

Loans and repos by the Reserve Bank of New Zealand and registered banks to the private sector:

  • Other financial corporations
  • Non-financial corporations
  • Local government
  • Households and NPISHs

Debt securities

Debt securities issued by the Reserve Bank of New Zealand and registered banks to the private sector:

  • Other financial corporations
  • Non-financial corporations
  • Local government
  • Households and NPISHs

Other private sector claims

Other claims (deposits, derivatives, equity, trade credit) by the Reserve Bank of New Zealand and registered banks on the private sector:

  • Other financial corporations
  • Non-financial corporations
  • Local government
  • Households and NPISHs

Net credit to non-resident

Net credit to non-resident is calculated as Credit to non-residents less Liabilities to non-residents.

Credit to non-resident

Claims on non-residents by the Reserve Bank of New Zealand and registered banks including:

  • Debt securities
  • Loans and repos
  • Other claims

Liabilities to non-residents

Liabilities to non-residents from the Reserve Bank of New Zealand and registered banks including:

  • Deposits
  • Other liabilities

Equity

Funds contributed by the owners, reserves and retained earnings of the Reserve Bank of New Zealand and registered banks.

Note that equity is negative as it is presented on the asset-side in the counterparts of broad money.

Net other assets

Net other assets is calculated as Other assets less Other liabilities.

Other assets

All other assets not included elsewhere.

Other liabilities

All other liabilities not included elsewhere.

Symbols and conventions for summary table

0 Zero or value rounded to zero
- Not applicable
.. Not available
bold Revised/new
italics Provisional
light red background Historical

General notes

  • Individual figures may not sum to the totals due to rounding
  • Percentage changes are calculated on unrounded numbers
  • You are free to copy, distribute and adapt these statistics subject to the conditions listed on our copyright page.