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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:
Dec 2020 Dec 2021 Aug 2022 Sep 2022 Oct 2022 Nov 2022 Dec 2022
Broad money ($m)
Broad money (A+B) 365,780 391,602 391,713 391,912 393,508 397,263 398,778
A. Narrow money (M1) 114,923 141,425 134,293 132,819 131,614 131,733 129,286
A1. Currency held by the public 7,516 8,393 8,311 8,326 8,373 8,386 8,514
A2. Transaction deposits 107,407 133,032 125,982 124,493 123,242 123,347 120,772
B. Other components of broad money 250,857 250,177 257,420 259,093 261,894 265,530 269,492
B1. Savings deposits 107,358 117,639 110,552 111,110 110,856 111,163 109,784
B2. Term deposits 143,499 132,538 146,867 147,983 151,038 154,366 159,708
Domestic credit ($m)
Domestic credit (C+D) 544,482 576,332 585,882 592,498 590,666 591,090 594,048
C. Net credit to central government 48,677 50,168 42,620 43,798 42,453 42,541 45,412
C1. Credit to central government 90,785 91,175 88,836 88,998 87,956 87,647 85,707
C2. Less: Liabilities to central government 42,108 41,007 46,216 45,199 45,503 45,105 40,295
D. Private sector credit 495,805 526,164 543,262 548,699 548,213 548,549 548,636
D1. Loans 478,815 514,212 529,915 532,221 533,494 536,160 536,441
D2. Debt securities 7,536 7,008 7,364 7,702 8,008 7,684 7,546
D9. Other 9,454 4,944 5,983 8,777 6,711 4,705 4,649
Net credit to non-residents ($m)
Net credit to non-residents (E1-E2) -100,000 -106,036 -105,258 -112,141 -108,706 -102,935 -104,916
E1. Credit to non-residents 67,951 56,987 66,698 82,978 74,593 75,287 69,469
E2. Less: Liabilities to non-residents 167,951 163,023 171,956 195,119 183,299 178,222 174,385
Equity ($m)
Equity -51,446 -54,604 -59,354 -58,914 -59,455 -60,997 -61,162
Net other assets ($m)
Net other assets (F1-F2) -27,256 -24,090 -29,557 -29,531 -28,997 -29,895 -29,191
F1. Other assets 11,252 11,213 13,399 13,062 13,154 13,058 11,678
F2. Less: Other liabilities 38,508 35,302 42,956 42,593 42,150 42,953 40,869

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.