Your browser is not supported

Our website does not support the browser you are using. For a better browsing experience update to a compatible browser like the latest browsers from Chrome, Firefox and Safari.

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.

Special note

Provision for dividend not included in Reserve Bank balance sheet

Read more
Previous years: Monthly:
Jun 2022 Jun 2023 Feb 2024 Mar 2024 Apr 2024 May 2024 Jun 2024
Net foreign assets 14,180 10,822 22,969 23,319 26,648 22,701 23,809
Claims on non-residents 15,420 17,528 27,705 26,706 29,454 25,457 25,774
less Liabilities to non-residents 1,239 6,706 4,735 3,388 2,806 2,756 1,965
Claims on other depository corporations 14,332 21,155 20,513 20,097 18,918 19,022 18,849
Net claims on central government 29,432 28,401 17,333 16,274 12,244 16,401 9,303
Claims on central government 63,986 50,003 48,025 47,870 47,287 40,155 39,639
less Liabilities to central government (1) 34,553 21,603 30,692 31,596 35,043 23,754 30,336
Claims on other sectors 4 6 6 6 6 6 6
Monetary base 53,866 54,292 50,618 52,732 51,954 52,730 46,494
Currency in circulation 8,978 8,918 8,973 9,080 8,960 8,910 8,894
Liabilities to other depository corporations (2) 44,888 45,374 41,645 43,652 42,995 43,820 37,600
Liabilities to other sectors - - - - - - -
Other liabilities to other depository corporations 1,377 3,160 5,141 1,656 612 366 352
Deposits and securities excluded from monetary base 0 0 0 0 0 0 0
Loans - - - - - - -
Financial derivatives - - - - - - -
Shares and other equity capital 2,770 2,979 5,115 5,286 5,299 5,086 5,170
Other items (net) -63 -47 -53 22 -49 -52 -49
(1) Crown settlement accounts 33,150 21,602 30,692 31,595 35,042 23,754 30,336
(2) Settlement institutions' balances 44,888 45,374 41,645 43,652 42,995 43,820 37,600

Provision for dividend not included in Reserve Bank balance sheet

12 July 2024

If a dividend is formally approved for the 2023/24 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.