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New Zealand Credit Card Spending Rises 1.3%

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Total credit card spending in New Zealand jumped a seasonally adjusted 1.3 percent on month in March, the Reserve Bank of New Zealand said on Wednesday - coming in at NZ$3.062 billion.

That was up sharply from the upwardly revised 0.4 percent increase in February (originally 0.3 percent).

Domestic billings climbed 1.5 percent to NZ$2.682 billion after adding 0.3 percent in the previous month.

Overseas billings on New Zealand cards fell 1.5 percent to NZ$3276 million after gaining 2.1 percent a month earlier.

Billings in New Zealand on cards issued overseas were worth NZ$380 million - down from NZ$429 million a month earlier.

On a yearly basis, total credit card spending surged 8.1 percent - up from the upwardly revised 6.0 percent in the previous month (originally 5.9 percent).

Credit card balances were up a seasonally adjusted 0.7 percent on month in March to NZ$5.893 billion, after adding 0.3 percent in February.

Balances also were up 4.3 percent on year, up from 3.8 percent in the previous month.

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