Banking Statistics – March quarter 2023

Jul 26, 2023 | Banking Statistics

Key facts

For the March Quarter 2023:

  • Net foreign assets decreased to 332.5 million when compared to December quarter 2022 ($344.6 million) for all banks surveyed.
  • Total lending for the March quarter 2023 was recorded at $236.7 million decreasing by 2.1 per cent when compared to the December quarter 2022.
  • The money supply increased by 12.5 per cent.
  • There were two changes in rates for this quarter. ANZ fixed Term Deposits rate increased from 1.60 to 1.80 per cent and BSP Fixed Term Deposits rate decreased from 2.60 to 2.00 per cent.

More Information about Banking Statistics

Aggregates are compiled from the Banking Survey which covers the Four commercial banks in the Cook Islands: ANZ, Westpac, Bank of the Cook Islands (BCI) and Capital Security Bank (CSB).  The Cook Islands does not have a Central Bank and uses the NZ Dollar as its currency.

Narrow Money (M1) consist of Notes and Coins in circulation and Demand Deposits. M2 consist of narrow money (M1) and quasi money (savings, demand and term deposits), Net foreign position of the banks, Net domestic credits.

Transactions are valued in accordance to international standards.

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