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(NZ$ million)                  
  Monetary aggregates          
  Currency in circulation M1 M2 M3 Domestic Credit (DC) Shortfall between M3 and DC Currency in circulation (% of M3) M1 (% of M3) Domestic Credit (% of M3)
Jun 1988 1,088 6,786 21,121 43,623 51,472 7,849 2.49 15.56 117.99
Jun 1989 1,197 7,667 23,972 45,330 51,921 6,591 2.64 16.91 114.54
Jun 1990 1,276 8,715 24,437 46,433 54,040 7,607 2.75 18.77 116.38
Jun 1991 1,268 7,760 24,384 53,330 60,297 6,967 2.38 14.55 113.06
Jun 1992 1,309 8,207 24,926 56,235 64,271 8,036 2.33 14.59 114.29
Jun 1993 1,358 8,171 24,724 62,198 67,254 5,056 2.18 13.14 108.13
Jun 1994 1,488 9,277 27,943 65,240 75,580 10,340 2.28 14.22 115.85
Jun 1995 1,591 9,733 29,801 72,107 82,254 10,147 2.21 13.50 114.07
Jun 1996 1,674 10,147 33,868 84,783 92,115 7,332 1.97 11.97 108.65
Jun 1997 1,753 10,927 36,029 88,047 101,893 13,846 1.99 12.41 115.73
Jun 1998 1,821 11,632 34,228 94,864 111,149 16,285 1.92 12.26 117.17
Jun 1999 1,973 13,819 39,626 95,048 120,029 24,981 2.08 14.54 126.28
Jun 2000 2,248 14,570 40,835 98,045 131,438 33,393 2.29 14.86 134.06
Jun 2001 2,550 16,958 46,432 112,328 141,264 28,936 2.27 15.10 125.76
Jun 2002 2,746 19,928 50,130 125,996 157,044 31,048 2.18 15.82 124.64
Jun 2003 2,894 20,886 54,060 131,541 168,386 36,845 2.20 15.88 128.01
Jun 2004 3,008 22,884 55,012 143,085 184,939 41,854 2.10 15.99 129.25
Jun 2005 3,183 22,882 58,685 155,165 206,662 51,497 2.05 14.75 133.19
Jun 2006 3,348 23,406 66,861 172,248 224,118 51,870 1.94 13.59 130.11
Jun 2007 3,360 22,946 69,530 190,961 253,241 62,280 1.76 12.02 132.61
Jun 2008 3,447 23,926 70,994 205,178 276,377 71,199 1.68 11.66 134.70
Jun 2009 3,922 23,308 74,170 211,263 286,979 75,716 1.86 11.03 135.84
Jun 2010 3,937 22,971 71,233 204,370 295,022 90,652 1.93 11.24 144.36
Sep 2010 3,978 23,506 69,199 208,427 297,010 88,583 1.91 11.28 142.50
Dec 2010 4,605 25,363 71,318 213,903 303,072 89,169 2.15 11.86 141.69
Last updated 31 January 2011
Source: Reserve Bank of New Zealand
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