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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:
Aug 2020 Aug 2021 Apr 2022 May 2022 Jun 2022 Jul 2022 Aug 2022
Broad money ($m)
Broad money (A+B) 354,806 369,963 391,962 389,594 389,035 390,828 391,713
A. Narrow money (M1) 103,539 125,516 141,243 138,682 136,489 135,149 134,293
A1. Currency held by the public 7,253 7,704 8,433 8,391 8,339 8,315 8,311
A2. Transaction deposits 96,285 117,812 132,810 130,291 128,149 126,834 125,982
B. Other components of broad money 251,268 244,446 250,718 250,911 252,546 255,679 257,420
B1. Savings deposits 96,885 115,076 116,300 113,815 113,374 112,319 110,552
B2. Term deposits 154,383 129,370 134,419 137,096 139,172 143,360 146,867
Domestic credit ($m)
Domestic credit (C+D) 525,302 552,484 583,834 579,195 582,819 583,478 585,882
C. Net credit to central government 37,109 37,818 48,697 42,580 42,839 43,744 42,620
C1. Credit to central government 74,971 92,428 88,645 88,950 88,343 88,133 88,836
C2. Less: Liabilities to central government 37,862 54,609 39,949 46,370 45,504 44,390 46,216
D. Private sector credit 488,193 514,665 535,138 536,616 539,980 539,734 543,262
D1. Loans 471,476 501,982 522,775 524,967 527,136 528,177 529,915
D2. Debt securities 7,176 7,234 6,599 6,607 6,546 6,677 7,364
D9. Other 9,541 5,450 5,764 5,042 6,298 4,880 5,983
Net credit to non-residents ($m)
Net credit to non-residents (E1-E2) -90,113 -104,917 -107,222 -105,634 -108,701 -106,034 -105,258
E1. Credit to non-residents 75,058 54,908 65,364 61,471 66,293 61,010 66,698
E2. Less: Liabilities to non-residents 165,171 159,826 172,586 167,105 174,994 167,044 171,956
Equity ($m)
Equity -49,870 -52,297 -57,243 -57,809 -57,932 -58,911 -59,354
Net other assets ($m)
Net other assets (F1-F2) -30,513 -25,307 -27,408 -26,159 -27,152 -27,705 -29,557
F1. Other assets 17,879 11,310 12,459 12,263 11,698 11,826 13,399
F2. Less: Other liabilities 48,392 36,617 39,867 38,422 38,850 39,531 42,956

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.