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New Zealand Economic and Financial Overview 2016

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 2011.

Table 20 - Interest Rates: Monthly Averages
  Month Overnight Cash Rate 90-Day Bank Bill Rate Government Loan
Stock Rates
2 Year
Government Loan
Stock Rates
5 Year
Government Loan
Stock Rates
10 Year
Business Base
Lending Rates [1]
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 2.95 3.44 4.40 10.01
  December 2.34 2.69 2.46 3.39 3.90 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 2.57 3.05 3.72 9.64
  June 2.47 2.64 2.73 3.17 3.85 9.61
  September 2.50 2.65 3.03 4.22 4.69 9.58
  December 2.50 2.73 3.19 4.26 4.75 9.59
2014 March 2.65 3.05 3.26 4.12 4.58 9.70
  June 3.13 3.52 3.50 4.08 4.42 10.16
  September 3.46 3.71 3.56 4.01 4.19 10.44
  December 3.40 3.67 3.56 3.67 3.77 10.37
2015 March 3.42 3.63 3.15 3.21 3.30 10.40
  June 3.25 3.33 2.97 3.18 3.76 10.19
  September 2.76 2.85 2.48 2.69 3.29 9.78
  December 2.55 2.79 2.61 2.96 3.56 9.54

Source: RBNZ

  • [1]Weighted aggregate rate: New overdraft loans for small-to-medium sized non-farm enterprises.
Table 21 - Money and Credit Aggregates: Annual % Changes
Quarter   M1[2] M3 Private Sector Credit Domestic Credit
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 4.8 3.9
  December 9.5 5.8 5.1 4.2
2014 March 7.6 5.0 4.3 4.8
  June 8.3 5.4 4.4 5.4
  September 5.9 5.3 4.9 5.2
  December 6.2 6.3 4.5 5.2
2015 March 7.1 8.3 6.2 5.4
  June 6.9 9.5 7.4 5.9
  September 11.9 8.5 7.8 6.9
  December 8.9 8.1 8.4 7.4

Source: RBNZ

  • [2] M1 figures include currency in the hands of the public and cheque account balances only
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