New Zealand's position with the IMF - E2

14 June 2017 03:00 p.m.
Next release
13 September 2017 03:00 p.m.
Quota Fund holding of NZ dollars Reserve tranche position SDR allocation to date Holdings of SDR SDR Value (NZ$1 equals SDR)
Date (SDR millions) (SDR millions) (SDR millions) (SDR millions) (SDR millions) (End of Period)
Previous years:
Apr 2015 895 677 218 854 850 0.5412
Apr 2016 1,252 1,123 129 854 776 0.4928
May 2016 1,252 1,123 129 854 776 0.4794
Jun 2016 1,252 1,123 129 854 776 0.5076
Jul 2016 1,252 1,123 129 854 776 0.5102
Aug 2016 1,252 1,123 129 854 776 0.5197
Sep 2016 1,252 1,123 129 854 768 0.5181
Oct 2016 1,252 1,123 129 854 768 0.5200
Nov 2016 1,252 1,123 129 854 768 0.5274
Dec 2016 1,252 1,123 129 854 768 0.5183
Jan 2017 1,252 1,123 130 854 754 0.5358
Feb 2017 1,252 1,123 130 854 754 0.5305
Mar 2017 1,252 1,123 130 854 754 0.5152
Apr 2017 1,252 1,123 130 854 754 0.5016

The Data: Coverage, Periodicity, and Timeliness

Coverage characteristics

Data are disseminated in SDR millions. SDR ("special drawing rights") are unconditional reserve assets that are created by the IMF to supplement existing reserve assets. The SDR is the IMF's unit of account, and may be used for a wide range of transactions and operations. The value of the SDR is determined daily by the IMF on the basis of a weighted basket of currencies, valued against the US dollar. Further detail may be obtained from the IMF's website:

The series are published from January 1990.

Data includes the Quota for NZ currency subscription, Other, IMF holdings of NZ currency (SDR Equivalent), Reserve tranche position, Drawings outstanding reserve tranche, Special Drawing Rights position and SDR value (see description for information).




Approximately two months after reference month.

Access by the public

Statistics release calendar

The Statistics Release Calendar is updated and released on the last working day of the month. This is a long-term plan of scheduled releases.


Dissemination of terms and conditions under which official statistics are produced, including confidentiality of individual responses

These statistics are produced by the IMF and are a record of member countries' transactions with the Fund. The data is published in the IMF's International Financial Statistics ("IFS") publication. For more detail, refer to this publication, or to the web site indicated under "coverage".

Provision of information about revisions and advance notice of major changes in methodology

Provisional data are italicised. Data are deemed provisional when a series is under review. New data, or revised data, are in bold font. Revisions are generally published when the table is next due to be updated and released. Should revisions need to be made more promptly, a note is posted on the website.

Any major changes in methodology will be posted on the website.


Dissemination of documentation on methodology and sources used in preparing statistics

See "coverage" above for more detail, or refer to the IMF's publication "International Financial Statistics".

Dissemination of statistics that support statistical cross-checks and provide assurance of reasonableness

See "coverage" above, or for more detail, or refer to the IMF's publication "International Financial Statistics".

Additional Notes
Changes in Liquidity Management

Some Reserve Bank balance sheet, foreign currency asset and liquidity management data series disseminated monthly have recently begun to reflect changes made this year to the Bank's liquidity management policy.

As explained in the document Reform of the Reserve Bank of New Zealand's Liquidity Management Operations, 2006, (PDF 282KB) a new approach to liquidity management policy is now being phased in by the Bank. Increasing liquidity needs of the banking system at a time when availability of government securities was declining, have prompted the Bank to move away from a system relying on bank holdings of government debt as the basis for generating the cash needed to facilitate interbank settlement of payments.

In February 2006 the Bank increased the level of settlement cash in the system to $2 billion to meet immediate needs. From July 2006 the level of settlement cash will be increased further over time to a likely range of $5 - $7 billion. This new liquidity management policy manifests in the Bank's balance sheet and foreign currency reserves, with larger domestic liabilities matched by larger foreign exchange assets. At present the Bank is holding foreign currency assets as the counterpart to the increased settlement cash made available to the domestic banks The foreign exchange risk on the foreign currency assets is hedged, using off-balance sheet transactions (foreign exchange swaps).


Highly liquid, marketable equity and debt securities, issued by non-resident entities. Excludes securities lent under repurchase agreements (repo). Includes securities lent under securities lending agent arrangements that are liquid and available on demand.

Cash and deposits

Short-term deposits/loans with foreign central banks, the Bank for International Settlements (BIS) and other banks, that are redeemable on demand.


The sum of the above components. For the Reserve Bank of New Zealand this includes the impact of currency swaps undertaken as part of RBNZ domestic liquidity management operations (eg if NZD is lent and USD borrowed, then USD deposits/securities are increased accordingly; if NZD is borrowed and swapped into USD, then USD deposits/securities are increased accordingly).

Total foreign currency reserves

Total New Zealand foreign currency reserves (the sum of the above for both the Reserve Bank of New Zealand and The Treasury). Note that the Treasury reserves are a hedging instrument for an existing liability portfolio, and will diminish over time as liabilities mature. In the interim however, they are available for intervention, should the need arise.

Other reserve assets

Other assets that are readily liquid and available for use as reserve assets, but not included in other categories. Includes:

  • The net, marked-to-market value of highly liquid financial derivative positions with non-residents, where such derivative products pertain to the management of reserve assets (such derivative positions denominated and settled in foreign currency).
  • Short-term foreign currency loans redeemable on demand provided to non-bank non-residents.
  • Reverse-repo assets. The RBNZ uses these instruments in its management of its foreign reserves and considers these fully equivalent for these purposes to all other foreign currency reserve assets.


Gold held by the Reserve Bank of New Zealand and The Treasury as a reserve asset.

Reserve position at IMF

The reserve tranche position. The sum of (1) SDR and foreign currency amounts that New Zealand may draw from the IMF at short notice and without condition from its ‘reserve tranche' and (2) indebtedness of the IMF (under a loan agreement) readily available to New Zealand including New Zealand's lending to the IMF under the General Arrangements to Borrow (GAB) and the New Arrangements to Borrow (NAB). Effectively the amount of foreign currency that a member has invested in the IMF.

Special Drawing Rights

SDRs are international reserve assets the IMF has created to supplement the reserves of IMF member countries. SDRs are allocated in proportion to each country's respective quota.

Total official reserves

The sum of all components identified above.

Other foreign currency assets

Includes foreign currency securities issued by institutions headquartered and located in New Zealand; all other securities/deposits/financial derivative positions/loans/gold not included in official reserve assets.


The IMF is a quota-based institution. Each member of the IMF is assigned a quota, which is expressed in SDRs (Special Drawing Rights) and is equal to its subscription of capital to the IMF. The sum of members quotas thus represents the pool of assets (gold, SDRs and currencies) held by the IMF. When a country becomes a member of the IMF, an amount not exceeding 25 percent of its quota has to be paid in SDRs or usable currencies ("reserve assets") specified by the IMF and the balance in the member's own currency, normally in the form of non-negotiable, non-interest-bearing notes (essentially promissory notes). When quotas are increased, 25 percent of each member's increase is normally payable in SDRs, although the IMF may accept payment in other members' currencies, or the member's own currency. The balance of the quota increase is payable in the member's currency.

NZ currency subscription

That portion of the quota subscribed for in NZD.


That portion of the quota subscribed for using other acceptable reserve assets.

IMF holdings of NZ currency

NZ currency subscription plus reserve tranche drawings outstanding.

Reserve tranche position

The portion of a member's quota paid in reserve assets (effectively the amount of foreign currency that a member has invested in the IMF). Reflects the reserve assets that a member has transferred to the IMF and is measured by the extent that the member's quota exceeds the IMF's holdings of its currency. A member may draw up to the full amount of its reserve tranche position at any time (subject only to its representation to the IMF that it has a balance of payments need) by transferring to the IMF an equivalent amount of its own currency. Such a drawing does not constitute a use of IMF credit, as a member's reserve position is considered part of the member's foreign reserves, and is not subject to an obligation to repay.

Drawings outstanding – reserve tranche

Borrowing by New Zealand, from the IMF, of the subscriptions paid by New Zealand in other than NZD (such borrowings are covered by a payment of NZD to the IMF, included in IMF holdings of NZ currency (above)).

Special Drawing Rights position


The cumulative allocation of SDRs to New Zealand; representing a claim of the IMF against New Zealand.


SDRs currently held by New Zealand

SDR value

NZ/SDR exchange rate. The IMF's unit of account is the special drawing right (SDR), an international reserve asset created by the IMF and allocated to its members since 1970 in proportion to their respective quotas, whose value is calculated daily on the basis of a "valuation basket" comprising G5 currencies. The SDR valuation basket is normally reviewed every five years.

Symbols and conventions

0 Value rounded to zero
- Zero or not applicable
.. Not available
bold Revised/new
italics Provisional

General notes

  • Individual figures may not sum to the totals due to rounding
  • Percentage changes are calculated on unrounded numbers
  • You are free to copy, distribute and adapt these statistics subject to the conditions listed on our copyright page.

New Zealand’s international reserves and foreign currency liquidity