Your browser is not supported

Our website does not support the browser you are using. For a better browsing experience update to a compatible browser like the latest browsers from Chrome, Firefox and Safari.

New Zealand's position with the International Monetary Fund (E2)

This data gives information about the current and past position of New Zealand with the International Monetary Fund (IMF). The IMF can provide loans to member countries experiencing problems with balances of payments, and this data is a reflection of New Zealand's position in this respect.

Quota Fund holding of NZ dollars Reserve tranche position SDR allocation to date Holdings of SDR SDR Value (NZ$1 equals SDR)
Date (SDR millions) (SDR millions) (SDR millions) (SDR millions) (SDR millions) (End of Period)
Previous years:
Apr 2022 1,252 906 346 2,054 2,120 0.4838
Apr 2023 1,252 888 364 2,054 2,130 0.4570
May 2023 1,252 888 364 2,054 2,166 0.4533
Jun 2023 1,252 888 364 2,054 2,166 0.4567
Jul 2023 1,252 888 364 2,054 2,165 0.4595
Aug 2023 1,252 888 364 2,054 2,168 0.4487
Sep 2023 1,252 890 362 2,054 2,198 0.4537
Oct 2023 1,252 890 362 2,054 2,160 0.4443
Nov 2023 1,252 901 351 2,054 2,164 0.4628
Dec 2023 1,252 902 350 2,054 2,164 0.4725
Jan 2024 1,252 905 347 2,054 2,164 0.4612
Feb 2024 1,252 905 347 2,054 2,168 0.4589
Mar 2024 1,252 910 343 2,054 2,168 0.4525
Apr 2024 1,252 915 338 2,054 2,168 0.4524

The data: coverage, periodicity and timeliness

Coverage characteristics

Data are disseminated in SDR millions. SDR (special drawing rights) are unconditional reserve assets that the IMF create to supplement existing reserve assets. The SDR is the IMF's unit of account and may be used for a wide range of transactions and operations. The IMF determines the value of the SDR daily on the basis of a weighted basket of currencies, valued against the US dollar.

Further detail may be obtained from the IMF's website.

The series are published from January 1990.

Data includes the Quota for NZ currency subscription, Other, IMF holdings of NZ currency (SDR Equivalent), Reserve tranche position, Drawings outstanding reserve tranche, Special drawing rights position and SDR value (see Series description for information).




We publish data approximately two months after the reference month.

Access by the public

Statistics release calendar

The statistics release calendar provides a long-term plan of scheduled releases. We update and release it on the first working day of the month.

View the statistics release calendar


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

The IMF produces these statistics, which are a record of member countries' transactions with the IMF. The data is published in the IMF's International Financial Statistics (IFS) publication.

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. We generally publish revisions when we are next due to update and release the table. Should we need to make revisions more promptly, we will post a special note. We post any major changes in methodology as a special note.


Dissemination of documentation on methodology and sources used in preparing statistics

See ‘coverage’ above for more detail, or refer to the IMF's publication International Financial Statistics.

Dissemination of statistics that support statistical cross-checks and provide assurance of reasonableness

See ‘coverage’ above for more detail, or refer to the IMF's publication International Financial Statistics.

Changes in liquidity management

Some Reserve Bank balance sheet, foreign currency asset and liquidity management data series disseminated monthly have recently begun to reflect changes made this year to our liquidity management policy.

We are phasing in a new approach to liquidity management policy. Increasing liquidity needs of the banking system at a time when availability of government securities was declining have prompted us to move away from a system relying on bank holdings of government debt as the basis for generating the cash needed to facilitate interbank settlement of payments.

Reform of the Reserve Bank of New Zealand's Liquidity Management Operations, 2006 (PDF 282 KB)

In February 2006, we increased the level of settlement cash in the system to $2 billion to meet immediate needs. From July 2006, the level of settlement cash will be increased further over time to a likely range of $5-7 billion. This new liquidity management policy manifests in our balance sheet and foreign currency reserves, with larger domestic liabilities matched by larger foreign exchange assets. At present we are holding foreign currency assets as the counterpart to the increased settlement cash made available to the domestic banks. The foreign exchange risk on the foreign currency assets is hedged, using off-balance sheet transactions (foreign exchange swaps).


Highly liquid, marketable equity and debt securities, issued by non-resident entities. Excludes securities lent under repurchase agreements (repo). Includes securities lent under securities lending agent arrangements that are liquid and available on demand.

Cash and deposits

Short-term deposits/loans with foreign central banks, the Bank for International Settlements (BIS) and other banks that are redeemable on demand.


The sum of the above components. For us, this includes the impact of currency swaps undertaken as part of our domestic liquidity management operations (for example, if NZD is lent and USD borrowed, then USD deposits/securities are increased accordingly; if NZD is borrowed and swapped into USD, then USD deposits/securities are increased accordingly).

Total foreign currency reserves

Total New Zealand foreign currency reserves (the sum of the above for both the Reserve Bank of New Zealand and the Treasury). Note that the Treasury reserves are a hedging instrument for an existing liability portfolio and will diminish over time as liabilities mature. In the interim, however, they are available for intervention should the need arise.

Other reserve assets

Other assets that are readily liquid and available for use as reserve assets, but not included in other categories. Includes:

  • the net, marked-to-market value of highly liquid financial derivative positions with non-residents, where such derivative products pertain to the management of reserve assets (such derivative positions denominated and settled in foreign currency)
  • short-term foreign currency loans redeemable on demand provided to non-bank non-residents
  • reverse-repo assets. We use these instruments in our management of our foreign reserves and consider these fully equivalent for these purposes to all other foreign currency reserve assets.


Gold held by the Reserve Bank of New Zealand and the Treasury as a reserve asset.

Reserve position at IMF

The reserve tranche position. The sum of:

  1. SDR and foreign currency amounts that New Zealand may draw from the IMF at short notice and without condition from its ‘reserve tranche'
  2. indebtedness of the IMF (under a loan agreement) readily available to New Zealand including New Zealand's lending to the IMF under the General Arrangements to Borrow (GAB) and the New Arrangements to Borrow (NAB). Effectively the amount of foreign currency that a member has invested in the IMF.

Special drawing rights

SDRs are international reserve assets the IMF has created to supplement the reserves of IMF member countries. SDRs are allocated in proportion to each country's respective quota.

Total official reserves

The sum of all components identified above.

Other foreign currency assets

Includes foreign currency securities issued by institutions headquartered and located in New Zealand; all other securities/deposits/financial derivative positions/loans/gold not included in official reserve assets.


The IMF is a quota-based institution. Each member of the IMF is assigned a quota, which is expressed in SDRs (special drawing rights) and is equal to its subscription of capital to the IMF. The sum of members quotas thus represents the pool of assets (gold, SDRs and currencies) held by the IMF. When a country becomes a member of the IMF, an amount not exceeding 25% of its quota has to be paid in SDRs or usable currencies (‘reserve assets’) specified by the IMF and the balance in the member's own currency, normally in the form of non-negotiable, non-interest-bearing notes (essentially promissory notes). When quotas are increased, 25% of each member's increase is normally payable in SDRs, although the IMF may accept payment in other members' currencies or the member's own currency. The balance of the quota increase is payable in the member's currency.

NZ currency subscription

That portion of the quota subscribed for in NZD.


That portion of the quota subscribed for using other acceptable reserve assets.

IMF holdings of NZ currency

NZ currency subscription plus reserve tranche drawings outstanding.

Reserve tranche position

The portion of a member's quota paid in reserve assets (effectively the amount of foreign currency that a member has invested in the IMF). Reflects the reserve assets that a member has transferred to the IMF and is measured by the extent that the member's quota exceeds the IMF's holdings of its currency. A member may draw up to the full amount of its reserve tranche position at any time (subject only to its representation to the IMF that it has a balance of payments need) by transferring to the IMF an equivalent amount of its own currency. Such a drawing does not constitute a use of IMF credit, as a member's reserve position is considered part of the member's foreign reserves, and is not subject to an obligation to repay.

Drawings outstanding – reserve tranche

Borrowing by New Zealand, from the IMF, of the subscriptions paid by New Zealand in other than NZD (such borrowings are covered by a payment of NZD to the IMF, included in IMF holdings of NZ currency (above)).

Special drawing rights position


The cumulative allocation of SDRs to New Zealand, representing a claim of the IMF against New Zealand.


SDRs that New Zealand currently holds.

SDR value

NZ/SDR exchange rate. The IMF's unit of account is the special drawing right (SDR), an international reserve asset created by the IMF and allocated to its members since 1970 in proportion to their respective quotas, whose value is calculated daily on the basis of a ‘valuation basket’ comprising G5 currencies. The SDR valuation basket is normally reviewed every five years.

Symbols and conventions for summary table

Symbol or convention Definition
0 Zero or value rounded to zero
- Not applicable
.. Not available
bold Revised/new
italics Provisional
Light grey 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.