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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:
Mar 2022 Mar 2023 Nov 2023 Dec 2023 Jan 2024 Feb 2024 Mar 2024
Net foreign assets 13,810 13,324 19,794 15,961 22,478 22,969 23,319
Claims on non-residents 14,526 19,399 26,841 21,989 27,662 27,705 26,706
less Liabilities to non-residents 716 6,075 7,047 6,028 5,183 4,735 3,388
Claims on other depository corporations 11,927 21,305 21,557 20,712 20,478 20,513 20,097
Net claims on central government 32,268 24,472 24,402 29,078 21,210 17,333 16,274
Claims on central government 64,834 61,679 49,205 48,765 48,242 48,025 47,870
less Liabilities to central government (1) 32,566 37,208 24,802 19,687 27,032 30,692 31,596
Claims on other sectors 4 6 6 7 6 6 6
Monetary base 55,314 54,901 57,858 59,726 53,913 50,618 52,732
Currency in circulation 9,020 9,135 9,012 9,379 9,000 8,973 9,080
Liabilities to other depository corporations (2) 46,294 45,767 48,846 50,347 44,913 41,645 43,652
Liabilities to other sectors - - - - - - -
Other liabilities to other depository corporations 166 1,374 3,017 1,024 5,162 5,141 1,656
Deposits and securities excluded from monetary base 0 0 0 0 0 0 0
Loans - - - - - - -
Financial derivatives - - - - - - -
Shares and other equity capital 2,587 2,895 4,942 5,024 5,149 5,115 5,286
Other items (net) -58 -64 -57 -17 -51 -53 22
(1) Crown settlement accounts 31,164 35,795 24,802 19,687 27,032 30,692 31,595
(2) Settlement institutions' balances 46,294 45,767 48,846 50,347 44,913 41,645 43,652

Provision for dividend not included in Reserve Bank balance sheet

17 July 2023

If a dividend is formally approved for the 2022/23 financial year then R1, R2 and R3 will be retrospectively updated to reflect a dividend after the Bank’s Annual Report is published in September.

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.