N.Z. CENTRAL BANK SEES SLOWER MONEY, CREDIT GROWTH Monetary and credit growth rates in New Zealand are not expected to continue at current levels following the Reserve Bank's move to tighten liquidity late last year, Reserve Bank Governor Spencer Russell said. The monetary and credit growth figures for the December quarter were probably artifically inflated by unusually high growth in inter-institutional lending activity on the short term money market, Russell said in a statement. The bank moved to tighten liquidity when the initial signs of the recent expansion became apparent in September and October last year, Russell said. Broadly defined M-3 figures released today showed growth of 17.8 pct in the year ended December compared with 13.1 pct in the year ended September. Annual growth of private sector credit in calendar 1986 was 30.7 pct compared with 16.5 pct in the September year. "Available evidence suggests that corporate customers, including non-bank financial institutions, have been exploiting differences between interest rates on overdrafts with trading banks and rates in the call market," Russell said.