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.
| 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
| 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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