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Our analytical accounts (R3)

This is the Reserve Bank's balance sheet – a summary of the assets and liabilities we hold to fulfil our functions – classified by broad institutional sector of counterparties.

Previous years: Monthly:
Dec 2020 Dec 2021 Aug 2022 Sep 2022 Oct 2022 Nov 2022 Dec 2022
Net foreign assets 11,027 14,497 15,524 16,900 14,916 16,159 15,813
Claims on non-residents 12,121 15,334 16,739 19,003 16,856 19,473 18,144
less Liabilities to non-residents 1,094 837 1,216 2,103 1,940 3,314 2,331
Claims on other depository corporations 1,899 9,004 16,022 16,783 18,508 21,044 21,046
Net claims on central government 28,686 33,649 29,825 29,936 30,660 30,892 36,896
Claims on central government 58,558 64,678 63,397 63,180 62,350 62,105 61,602
less Liabilities to central government (1) 29,873 31,029 33,573 33,245 31,690 31,213 24,706
Claims on other sectors 4 4 4 5 5 5 7
Monetary base 38,125 53,649 53,454 55,887 58,069 61,426 65,815
Currency in circulation 8,551 9,187 8,878 8,923 9,023 9,016 9,369
Liabilities to other depository corporations (2) 29,574 44,462 44,576 46,964 49,046 52,410 56,446
Liabilities to other sectors - - - - - - -
Other liabilities to other depository corporations 473 812 5,201 4,872 3,254 4,025 5,281
Deposits and securities excluded from monetary base 0 0 0 0 0 0 0
Loans - - - - - - -
Financial derivatives - - - - - - -
Shares and other equity capital 3,070 2,745 2,782 2,925 2,825 2,711 2,729
Other items (net) -53 -52 -63 -62 -60 -62 -62
(1) Crown settlement accounts 28,268 29,618 32,169 31,838 30,289 29,808 23,296
(2) Settlement institutions' balances 29,574 44,462 44,576 46,964 49,046 52,410 56,446

Revision of Reserve Bank balance sheet June 2021 and June 2022 to September 2022

14 November 2022

R1, R2 and R3 have been re-classified to match the Bank’s Annual Report published in October 2022.

View all Our analytical accounts Special notes

Find out more about how the Reserve Bank used its balance sheet to support monetary and financial stability

The data: coverage, periodicity and timeliness

Coverage characteristics

The table shows assets and liabilities as at end of month in millions of New Zealand dollars. All assets and liabilities denominated in foreign currency are converted into New Zealand dollars at the relevant exchange rates at balance date. The data starts from December 2001.

The table excludes New Zealand accounts with the International Monetary Fund. IMF accounts are managed by the Debt Management Office at the New Zealand Treasury.

Go to the Treasury site for more information.

R3 shows balance sheet accounts classified by broad institutional sector of counterparties. Net foreign assets are net claims on non-residents and include such reserves as defined in the International Reserves and Foreign Currency Liquidity (IMF 2001 and 2012) plus other relevant assets we hold. The main aggregates on the liability side are the monetary base, liabilities to other depository corporations and our capital equity.

R2 presents balance sheet accounts by instrument and currency. The format follows guidelines described in the Monetary and Financial Statistics Manual (IMF 2000) and Compilation Guide (IMF 2008), modified to meet confidentiality requirements. Some items common to R2 and the accounting balance sheet may differ in value due to methodological and presentational differences.

The main counterparty sub-sectors in New Zealand’s economy are:

  • financial corporations
    • Reserve Bank of New Zealand
    • other depository corporations
  • registered banks
    • private registered banks
    • government registered bank
  • savings institutions
    • credit unions
    • building societies
  • deposit taking finance companies
  • managed funds (PIE funds)
  • other financial corporations
    • insurance companies
    • pension funds
    • other financial corporations except insurance and pension funds
  • nonfinancial corporations
    • private producer enterprises
    • producer boards
  • government enterprises
    • central government enterprises
    • local government enterprises
  • general government
    • central government
    • funded social security schemes
    • local government
    • rūnanga iwi
  • other resident sectors
    • households
    • non-profit institutions serving households.




We release data two to three weeks 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

We provide this information as a service to the public in a format that preserves the confidentiality of transactions. Our function and operations are governed by the Reserve Bank of New Zealand Act 1989.

Find out more about the Reserve Bank of New Zealand Act 1989

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

Provisional data are italicised. New data, or revised data, are in bold font. We deem data as provisional when a series is under review. 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.

Any major changes in methodology will be posted as a special note.


Dissemination of documentation on methodology and sources used in preparing statistics

We prepare statistical data using guidelines contained in the Monetary and Financial Statistics Manual (IMF 2000) and subsequent Compilation Guide (IMF 2008).

Go to the International Monetary Fund website for more information.

Official reserve assets (MFSM 2000)

Our gross liquid claims on non-residents, excluding New Zealand accounts with the IMF. Include securities encumbered in repurchase agreements and similar reverse transactions. For international reserves data defined according to Balance of Payments/International Investment Position (IIP) standards, see tables E1 and SDDS.

Monetary base

A set of liquid liabilities that, according to MFSM 2000, supports the expansion of broad money and credit. Also referred to as high-powered money, the concept includes currency in circulation outside of the Reserve Bank and our settlement accounts of depository corporations. It excludes Reserve Bank bills that we issue. Compulsory reserve requirements on depository corporations were abolished in February 1985.

Short term

Financial instruments with original maturities of one year or less.

Long term

Financial instruments with original maturities of over one year.

Repurchase agreements

Securities repurchases, reverse repurchases and securities lending are classified as collateralised loans.

Other depository corporations (ODC)

Registered banks and other deposit taking institutions operating in New Zealand.

Other financial corporations (OFC)

Insurance companies, pension funds and other non-deposit taking financial corporations.

Central government

Government departments, local authorities, rūnanga iwi and funded social security schemes.

Public non-financial corporations

Government and local authority trading enterprises.

Other non-financial corporations

Private producer enterprises.

Other resident sectors

Households and non-profit institutions serving households.


Entities whose centre of economic interest is located outside New Zealand territories.

Memorandum item: Crown settlement accounts

The central government’s transferable deposits held with us.

Memorandum item: Settlement institutions balances

ESAS account holders’ transferable deposits held with us. Settlement institutions include several registered banks and other approved financial institutions.

MFSM 2000

Statistical methodology and guidelines contained in the Monetary and Financial Statistics Manual, IMF 2000.

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.