Abstract
Since 2011, New Zealand has enjoyed a solid expansion. Construction has been a major driver, while strong net migration and low interest rates have added momentum. Macro-financial vulnerabilities have increased with a booming housing market.
Fund Relations
(As of March 31, 2017)
Membership Status: Joined: August 31, 1961; Article VIII
| General Resources Account: | SDR Million | Percent Quota | |
|---|---|---|---|
| Quota | 1,252.10 | 100.00 | |
| Fund Holdings of Currency | 1,122.59 | 89.66 | |
| Reserve position in Fund | 129.55 | 10.35 | |
| Lending to the Fund | 58.98 | ||
| New Arrangements to Borrow | |||
| General Resources Account: | SDR Million | Percent Quota | |
|---|---|---|---|
| Quota | 1,252.10 | 100.00 | |
| Fund Holdings of Currency | 1,122.59 | 89.66 | |
| Reserve position in Fund | 129.55 | 10.35 | |
| Lending to the Fund | 58.98 | ||
| New Arrangements to Borrow | |||
| SDR Million | Percent Allocation | |
|---|---|---|
| SDR Department: | ||
| Net cumulative allocation | 853.76 | 100.00 |
| Holdings | 753.65 | 88.27 |
| SDR Million | Percent Allocation | |
|---|---|---|
| SDR Department: | ||
| Net cumulative allocation | 853.76 | 100.00 |
| Holdings | 753.65 | 88.27 |
Outstanding Purchases and Loans: None
Financial Arrangements: None
Projected Payments to Fund 1/
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Projected Payments to Fund 1/
| Forthcoming | ||||||
|---|---|---|---|---|---|---|
| 2017 | 2018 | 2019 | 2010 | 2021 | ||
| Principal | ||||||
| Charges/Interest | 0.33 | 0.44 | 0.44 | 0.44 | 0.44 | |
| Total | 0.33 | 0.44 | 0.44 | 0.44 | 0.44 | |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Projected Payments to Fund 1/
| Forthcoming | ||||||
|---|---|---|---|---|---|---|
| 2017 | 2018 | 2019 | 2010 | 2021 | ||
| Principal | ||||||
| Charges/Interest | 0.33 | 0.44 | 0.44 | 0.44 | 0.44 | |
| Total | 0.33 | 0.44 | 0.44 | 0.44 | 0.44 | |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Exchange Arrangement:
New Zealand accepted the obligations of Article VIII on August 5, 1982. The New Zealand dollar has floated independently since March 1985 and the de facto exchange rate arrangement is free floating. New Zealand maintains an exchange system that is free of restrictions on the making of payments and transfers for current international transactions, other than restrictions notified to the Fund in accordance with Decision No. 144-(52/51).
Article IV Consultation:
New Zealand is on the 12-month consultation cycle. The 2015 Article IV consultation was concluded by the Executive Board on February 5, 2016.
FSAP Participation and ROSCs:
New Zealand has participated in two FSAPs to date.
The FSSA from the 2003 FSAP mission and the Detailed Assessments of Observance of IOSCO Objectives and Principles of Securities Regulation and FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism were published under Country Reports No. 04/126, No. 04/417, and No. 05/284, respectively.
New Zealand participated again in 2016, with one FSAP mission in August 2016 and another FSAP mission in November 2017. The FSSA will be discussed by the Executive Board at the time of the discussion of the Staff Report for the 2017 Article IV Consultation with New Zealand.
Technical Assistance: None
Statistical Issues
Data provision is adequate for surveillance. The authorities are continuing to enhance data quality and expand the range of data available, and are making progress towards subscribing to the IMF’s Special Data Dissemination Standard (SDDS).
Table of Common Indicators Required for Surveillance
(As of April 5, 2017)
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes, and bonds.
Foreign, domestic bank, and domestic non-bank financing.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
Table of Common Indicators Required for Surveillance
(As of April 5, 2017)
| Date of latest observation | Date received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | |
|---|---|---|---|---|---|
| Exchange Rates | 4/5/17 | 4/5/17 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 2/17 | 3/30/17 | M | M | M |
| Reserve/Base Money | 2/17 | 3/30/17 | M | M | M |
| Broad Money | 2/17 | 3/30/17 | M | M | M |
| Central Bank Balance Sheet | 2/17 | 3/30/17 | M | M | M |
| Consolidated Balance Sheet of the Banking System | 2/17 | 3/30/17 | M | M | M |
| Interest Rates2 | 4/5/17 | 4/5/17 | D | D | D |
| Consumer Price Index | Q4 2016 | 3/16/17 | Q | Q | Q |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | 2015/16 | 12/8/16 | A | A | A |
| Stocks of Central Government and Central Government-Guaranteed Debt4 | 2015/16 | 12/8/16 | A | A | A |
| External Current Account Balance | Q4 2016 | 3/15/17 | Q | Q | Q |
| Exports and Imports of Goods and Services | Q4 2016 | 3/15/17 | Q | Q | Q |
| GDP/GNP | Q4 2016 | 3/16/17 | Q | Q | Q |
| Gross External Debt | Q4 2016 | 3/15/17 | Q | Q | Q |
| International Investment Position5 | Q4 2016 | 3/15/17 | Q | Q | Q |
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes, and bonds.
Foreign, domestic bank, and domestic non-bank financing.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).
Table of Common Indicators Required for Surveillance
(As of April 5, 2017)
| Date of latest observation | Date received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | |
|---|---|---|---|---|---|
| Exchange Rates | 4/5/17 | 4/5/17 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 2/17 | 3/30/17 | M | M | M |
| Reserve/Base Money | 2/17 | 3/30/17 | M | M | M |
| Broad Money | 2/17 | 3/30/17 | M | M | M |
| Central Bank Balance Sheet | 2/17 | 3/30/17 | M | M | M |
| Consolidated Balance Sheet of the Banking System | 2/17 | 3/30/17 | M | M | M |
| Interest Rates2 | 4/5/17 | 4/5/17 | D | D | D |
| Consumer Price Index | Q4 2016 | 3/16/17 | Q | Q | Q |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | 2015/16 | 12/8/16 | A | A | A |
| Stocks of Central Government and Central Government-Guaranteed Debt4 | 2015/16 | 12/8/16 | A | A | A |
| External Current Account Balance | Q4 2016 | 3/15/17 | Q | Q | Q |
| Exports and Imports of Goods and Services | Q4 2016 | 3/15/17 | Q | Q | Q |
| GDP/GNP | Q4 2016 | 3/16/17 | Q | Q | Q |
| Gross External Debt | Q4 2016 | 3/15/17 | Q | Q | Q |
| International Investment Position5 | Q4 2016 | 3/15/17 | Q | Q | Q |
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially determined, including discount rates, money market rates, rates on treasury bills, notes, and bonds.
Foreign, domestic bank, and domestic non-bank financing.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D), Weekly (W), Monthly (M), Quarterly (Q), Annually (A), Irregular (I); Not Available (NA).