Updated real TWI weights and scale factor
17 February 2026
The Reserve Bank of New Zealand’s real trade-weighted index (TWI) is a weighted average of the New Zealand dollar with the currencies of New Zealand’s major trading partners, adjusted for relative inflation. It is calculated on a monthly basis and published in the B1 table.
Today’s release of the real TWI incorporates the following annual updates to the series:
- New real TWI weights and scale factor for 2026.
- Updated real TWI weights and scale factor from 1984 to 2025.
The revisions to the real TWI weights from 1984 to 2025 have little impact on the level of the real TWI.
Real TWI (index)
More detail about the TWI methodology can be found in the Reserve Bank of New Zealand Bulletin article, Steenkamp, D (2014) Measuring New Zealand's effective exchange rate.
Updated real TWI weights and scale factor
28 February 2025
The Reserve Bank’s real trade-weighted index (TWI) is a weighted average of the New Zealand dollar with the currencies of New Zealand’s major trading partners, adjusted for relative inflation. It is calculated on a monthly basis and published in the B1 table.
Today's release of the real TWI incorporates two changes:
- New real TWI weights and scale factor for 2025.
- Updated real TWI weights and scale factor from 1984 to 2024.
The revisions to the real TWI weights from 1984 to 2024 have little impact on the level of the real TWI.
Real TWI (index)
More detail about the TWI methodology can be found in the Reserve Bank of New Zealand Bulletin article, Steenkamp, D (2014) Measuring New Zealand's effective exchange rate.
If you have any questions about these changes, please contact the Statistics team at [email protected].
Updated real TWI weights and scale factor
29 February 2024
The Reserve Bank’s real trade-weighted index (TWI) is a weighted average of the New Zealand dollar with the currencies of New Zealand’s major trading partners, adjusted for relative inflation. It is calculated on a monthly basis and published in the B1 table.
Today's release of the real TWI incorporates two changes:
- New real TWI weights and scale factor for 2024.
- Updated real TWI weights and scale factor from 1984 to 2023.
The revisions to the real TWI weights from 1984 to 2023 have little impact on the level of the real TWI.
Real TWI (index)
More detail about the TWI methodology can be found in the Reserve Bank of New Zealand Bulletin article, Steenkamp, D (2014) Measuring New Zealand's effective exchange rate.
If you have any questions about these changes, please contact the Statistics team at [email protected].
Updated real TWI weights and scale factor
5 May 2023
The Reserve Bank’s real trade-weighted index (TWI) is a weighted average of the New Zealand dollar with the currencies of New Zealand’s major trading partners, adjusted for relative inflation. It is calculated on a monthly basis and published in the B1 table.
Today’s release of the real TWI incorporates two changes:
- New real TWI weights and scale factor for 2023.
- Updated real TWI weights and scale factor from 1984 to 2022.
The revisions to the real TWI weights from 1984 to 2022 have little impact on the level of the real TWI.
More detail about the TWI methodology can be found in the Reserve Bank of New Zealand Bulletin article, Steenkamp, D (2014) Measuring New Zealand's effective exchange rate.
If you have any questions please contact [email protected].
Changing reporting decimal places
2 May 2022
The publication of exchange rates will change to 5 decimal places. This will align with the spot FX midrates source data (WM/REFINITIV) published by Refinitiv.
If you have any questions please contact [email protected].
Changes to the real TWI
28 February 2022
The Reserve Bank’s real trade-weighted index (TWI) is a weighted average of the New Zealand dollar with the currencies of New Zealand’s major trading partners, adjusted for relative inflation. It is calculated on a monthly basis and published in the B1 table.
Today’s release of the real TWI incorporates two changes:
- New real TWI weights and scale factor for 2022.
- Updated real TWI weights and scale factor from 1984 to 2021.
The revisions to the real TWI weights from 1984 to 2021 have little impact on the level of the real TWI.
Real TWI (index)
More detail about the TWI methodology can be found in the Reserve Bank of New Zealand Bulletin article, Steenkamp, D (2014) Measuring New Zealand's effective exchange rate.
If you have any questions about these changes, please contact the Statistics team at [email protected].