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New Zealand Economic and Financial Overview 2012

Interest Rates and Money and Credit Aggregates

Tables 20 and 21 show developments in major interest rates and money and credit aggregates since the March quarter of 2007.

Table 20 - Interest Rates: Monthly Averages
        Government Loan Stock Rates  
Month Overnight Cash Rate 90-Day Bank Bill Rate 2 Year 5 Year 10 Year Business Base Lending Rates[1]
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 12.24
June 8.21 8.68 6.58 6.45 6.42 12.40
September 7.52 7.95 5.77 5.77 5.82 12.27
December 5.05 5.23 4.52 4.58 4.88 11.18
2009 March 3.08 3.24 3.35 4.02 4.77 9.90
June 2.45 2.78 3.78 4.80 5.97 9.89
September 2.58 2.77 4.01 4.84 5.63 9.93
December 2.43 2.78 4.21 5.41 6.02 9.90
2010 March 2.35 2.67 3.73 5.09 5.86 9.86
June 2.49 3.07 3.75 4.85 5.51 9.87
September 2.91 3.18 4.06 4.55 5.28 10.07
December 2.88 3.17 4.08 4.79 5.82 10.20
2011 March 2.50 2.69 2.96 3.46 4.32 10.06
June 2.46 2.65 3.20 3.99 5.04 10.02
September 2.39 2.88 2.96 3.45 4.41 10.04
December 2.34 2.69 2.46 3.39 3.91 10.08
  • [1] Weighted aggregate rate: new overdraft loans for small-to-medium size non-farm enterprises.

Source: RBNZ

Table 21 - Money and Credit Aggregates: Annual % Changes
Quarter   M1[2] M3 Private Sector Credit Domestic Credit
2007 March 4.0 13.8 13.2 12.5
June (1.2) 11.7 14.2 15.4
September 0.3 10.5 14.1 13.4
December 1.3 8.2 13.4 11.7
2008 March 2.4 7.4 12.3 10.5
June 4.4 8.4 11.2 9.9
September 1.6 7.4 10.1 10.7
December 4.8 5.7 8.3 10.1
2009 March 4.7 4.7 5.3 7.2
June (0.4) 1.1 3.5 4.9
September 3.2 1.1 2.2 2.6
December 2.4 1.0 1.7 3.2
2010 March 0.8 0.3 1.1 3.0
June 0.9 0.4 1.3 3.3
September 4.7 1.7 0.2 2.2
December 5.8 3.3 0.5 1.6
2011 March 8.4 5.6 1.6 1.8
June 9.8 7.3 1.7 1.3
September 7.6 5.0 1.1 1.0
December 7.3 6.0 1.6 2.0
  • [2] M1 figures include currency in the hands of the public and cheque account balances only.

Source: RBNZ

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