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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:
Jun 2020 Jun 2021 Feb 2022 Mar 2022 Apr 2022 May 2022 Jun 2022
Broad money ($m)
Broad money (A+B) 346,397 366,418 386,923 390,385 391,962 389,594 389,035
A. Narrow money (M1) 96,911 122,452 136,841 140,155 141,243 138,682 136,489
A1. Currency held by the public 7,157 7,601 8,263 8,361 8,433 8,391 8,339
A2. Transaction deposits 89,755 114,852 128,578 131,794 132,810 130,291 128,149
B. Other components of broad money 249,486 243,966 250,082 250,230 250,718 250,911 252,546
B1. Savings deposits 92,455 114,283 117,114 117,232 116,300 113,815 113,374
B2. Term deposits 157,030 129,683 132,968 132,997 134,419 137,096 139,172
Domestic credit ($m)
Domestic credit (C+D) 515,431 550,997 572,268 575,549 583,834 579,195 582,793
C. Net credit to central government 30,536 39,916 41,797 44,402 48,697 42,580 42,839
C1. Credit to central government 60,693 93,673 89,598 88,349 88,645 88,950 88,343
C2. Less: Liabilities to central government 30,157 53,758 47,801 43,946 39,949 46,370 45,504
D. Private sector credit 484,895 511,081 530,471 531,147 535,138 536,616 539,954
D1. Loans 469,193 498,463 519,011 520,526 522,775 524,967 527,109
D2. Debt securities 6,419 6,233 6,741 6,408 6,599 6,607 6,546
D9. Other 9,282 6,385 4,720 4,213 5,764 5,042 6,299
Net credit to non-residents ($m)
Net credit to non-residents (E1-E2) -90,213 -104,553 -103,812 -103,380 -107,222 -105,634 -108,678
E1. Credit to non-residents 80,532 63,564 57,393 58,827 65,364 61,471 66,316
E2. Less: Liabilities to non-residents 170,745 168,118 161,205 162,207 172,586 167,105 174,994
Equity ($m)
Equity -48,906 -53,931 -55,571 -56,273 -57,243 -57,809 -57,928
Net other assets ($m)
Net other assets (F1-F2) -29,914 -26,095 -25,962 -25,511 -27,408 -26,159 -27,152
F1. Other assets 12,884 11,968 11,400 12,348 12,459 12,263 11,698
F2. Less: Other liabilities 42,798 38,063 37,362 37,859 39,867 38,422 38,850

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.

We source data from our Balance Sheet and Bank Balance Sheet survey.

Most data started on 31 December 2016 when the Bank Balance Sheet Survey replaced the Standard Statistical Return (SSR). However, we have backdated some data to provide long-run consistent data. We have estimated the back series using data from the SSR.

Periodicity and timeliness

We publish data on the last working day of the month.

Access by the public

Data release

We release data in the Statistics section.

Statistics release calendar

The statistics release calendar provides a plan of scheduled releases. We update and release it 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

We collect data under Section 36 of the Reserve Bank of New Zealand Act 1989 (the Act).

Read the Reserve Bank of New Zealand Act 1989

We only publish aggregated data. Individual institutional data is confidential.

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

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 update and release the next table. Should we need to make revisions more promptly, we will post a special note on the website. We will also post any major changes in methodology 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.

Read 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 group of banks operating in New Zealand and registered with us.

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 we issue 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 ‘everyday’ 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; that is, 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 one 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

Our claims and registered banks’ claims on central government including:

  • debt securities
  • loans and repos
  • other claims.

Liabilities to central government

Our liabilities and Zealand and registered banks’ liabilities to central government 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

Our loans and repos and those of registered banks to the private sector, including:

  • other financial corporations
  • non-financial corporations
  • local government
  • households and NPISHs.

Debt securities

Our debt securities and registered banks’ debt securities issued to the private sector:

  • other financial corporations
  • non-financial corporations
  • local government
  • households and NPISHs.

Other private sector claims

Our other claims (deposits, derivatives, equity, trade credit) and those of 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

Our claims and registered banks’ claims on non-residents including:

  • debt securities
  • loans and repos
  • other claims.

Liabilities to non-residents

Our liabilities and registered banks’ liabilities to non-residents including:

  • deposits
  • other liabilities.

Equity

Funds that we and registered banks contribute from owners, reserves and retained earnings.

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

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.