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New Zealand Economic and Financial Overview 2014

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 2009.

Table 20 - Interest Rates: Monthly Averages
  Month Overnight Cash Rate 90-Day Bank Bill Rate Government Loan Stock Rates Business Base Lending Rates1
     2 Year 5 Year 10 Year  
2009 March 3.08 3.24 3.53 4.02 4.77  9.90
  June 2.45 2.78 3.78 4.80 5.97  9.88
  September 2.58 2.77 4.01 4.84 5.63  9.91
  December 2.43 2.78 4.21 5.41 6.02  9.88
2010 March 2.35 2.67 3.73 5.09 5.86  9.84
  June 2.49 3.07 3.75 4.85 5.51  9.85
  September 2.91 3.18 4.06 4.55 5.28 10.06
  December 2.88 3.17 4.08 4.79 5.82 10.19
2011 March 2.50 2.69 3.46 4.32 5.58 10.03
  June 2.46 2.65 3.20 3.99 5.04 10.00
  September 2.39 2.88 2.96 3.45 4.41 10.01
  December 2.34 2.69 2.46 3.39 3.91 10.05
2012 March 2.43 2.74 3.11 3.71 4.17 10.05
  June 2.43 2.61 2.37 2.83 3.40 10.10
  September 2.49 2.64 2.55 2.94 3.57 10.06
  December 2.51 2.65 2.54 2.91 3.55 9.60
2013 March 2.47 2.64 2.58 3.05 3.72 9.64
  June 2.47 2.64 2.73 3.16 3.83 9.61
  September 2.50 2.65 3.03 4.22 4.70 9.58
  December 2.50 2.73 - 4.27 4.76 9.59
  1. Weighted aggregate rate: new overdraft loans for small-to-medium sized non-farm enterprises.

Source: RBNZ

Table 21 - Money and Credit Aggregates: Annual % Changes
Quarter Month M11 M3 Private
Sector Credit
Domestic Credit
2009 March  6.0 4.7  5.3  7.2
  June  0.3 1.1  3.5  4.9
  September  2.7 1.0  2.2  2.6
  December  2.6 1.0  1.7  3.2
2010 March  0.6 0.2  1.1  3.0
  June  1.2 0.3  1.3  3.3
  September  4.7 1.7  0.2  2.2
  December  5.6 3.2  0.5  1.6
2011 March  9.1 5.9  1.9  2.1
  June 10.0 7.3  1.7  1.3
  September  9.1 5.4  1.2  1.0
  December  8.0 6.5  1.7  2.2
2012 March  4.4 5.1  1.9  2.8
  June  7.3 5.9  2.4  4.3
  September  5.2 6.6  3.2  5.0
  December 7.0 6.0 3.6 3.6
2013 March 9.7 7.0 4.2 4.1
  June 8.0 6.2 4.4 3.6
  September 9.4 7.3 4.9 3.9
  December 9.5 5.8 5.2 4.3
  1. M1 figures include currency in the hands of the public and cheque account balances only.

Source: RBNZ

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