Total Domestic Credit by Country
Latest released Total Domestic Credit value for every supported currency, with the previous reading, the change between releases, reference date, frequency, unit, and source.
/api/v1/announcements/{currency}/domestic_credit. Non-USD endpoints require an API key query parameter.| Country / Currency | Latest | Previous | Change | Reference | Frequency | Unit | Source |
|---|---|---|---|---|---|---|---|
|
New Zealand
NZD · New Zealand Dollar
|
639,203
31 Mar 2026
|
638,228
28 Feb 2026
|
▲ +975 | 31 Mar 2026 | Monthly | NZD millions | RBNZ |
What is Total Domestic Credit?
Total domestic credit measures all lending by financial institutions to residents — households, firms, and the government — plus securities holdings of the banking system. It is the broadest aggregate credit measure.
Why it matters for FX
Domestic-credit cycles align closely with business cycles in most economies. Sustained acceleration can signal credit booms (a known leading indicator of financial stress), while contractions confirm tightening.
How to read this page
Read year-over-year growth as a share of GDP. Decompose between credit to government and credit to private sector. Rapid acceleration above trend warrants attention.
What to watch for
- Year-over-year growth vs GDP
- Government vs private-sector credit split
- Credit-to-GDP gap (BIS measure)
- Bank vs non-bank credit
- Cross-check with M3 / broad money