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New Zealand Economic and Financial Overview 2010

Interest Rates and Money and Credit Aggregates

The following tables show developments in major interest rates and money and credit aggregates since the March quarter of 2004.

Key Interest Rates: Monthly Averages
 

 

Overnight
Cash Rate
90-Day
Bank Bill Rate
Government Loan
Stock Rates
Bank Base
Lending Rates(1)
  Month     2 Year 5 Year 10 Year  
2005 March 6.67 6.99 6.39 6.29 6.16 10.40
  June 6.75 7.03 6.05 5.84 5.71 10.41
  September 6.75 7.09 5.95 5.74 5.71 10.49
  December 7.19 7.66 6.64 5.95 5.83 10.98
2006 March 7.25 7.49 6.37 5.80 5.72 11.00
  June 7.25 7.47 6.00 5.97 5.84 11.07
  September 7.25 7.56 6.64 6.19 5.80 11.07
  December 7.51 7.66 6.49 6.22 5.77 11.04
2007 March 7.59 7.88 6.79 6.50 5.87 11.31
  June 8.10 8.32 7.33 7.13 6.72 11.82
  September 8.02 8.81 6.93 6.55 6.16 12.11
  December 8.18 8.90 7.47 7.16 6.40 12.15
2008 March 8.10 8.91 6.74 6.68 6.36 12.25
  June 8.21 8.68 6.58 6.45 6.42 12.42
  September 7.52 7.95 5.77 5.77 5.82 12.32
  December 5.05 5.23 4.52 4.58 4.88 11.23
2009 March 3.08 3.24 3.35 4.02 4.77 10.03
  June 2.45 2.78 3.78 4.80 5.97  9.99
  September 2.58 2.77 4.01 4.84 5.63 10.03
  December 2.43 2.78 4.21 5.41 6.02 10.05

(1) Weighted average base lending rates of the four largest registered banks.

Money and Credit Aggregates: Annual % Change
  Quarter M1(1) M3 Private
Sector
Credit
Domestic
Credit
2005 March 0.7 6.3 13.2 13.7
  June 0.0 8.4 11.9 11.1
  September 0.3 9.8 8.3 8.5
  December (1.8) 7.3 10.2 9.9
2006 March (1.8) 9.8 7.3 6.7
  June 2.3 10.9 10.7 9.1
  September 3.7 13.4 11.5 9.4
  December 4.1 16.5 12.5 11.2
2007 March 3.4 12.7 13.4 11.6
  June (2.0) 10.7 13.8 12.1
  September (0.5) 9.4 13.5 12.2
  December 1.2 7.4 12.8 10.9
2008 March 2.4 6.5 11.6 9.4
  June 4.3 7.4 10.5 8.9
  September 6.9 6.9 9.5 9.7
  December 3.0 7.3 7.3 8.8
2009 March 2.5 6.8 4.4 6.3
  June (2.6) 2.8 2.4 3.8
  September 1.4 2.7 1.3 1.7
  December 1.3 (1.1) 0.9 2.3

(1) M1 figures include currency in the hands of the public and cheque account balances only.

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