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Foreign exchange turnover (B4)

This data provides information about the average daily foreign exchange transactions. This can be used as a measure of market activity and also provide a rough proxy for market liquidity.

Previous years: Monthly:
Dec 2020 Dec 2021 Aug 2022 Sep 2022 Oct 2022 Nov 2022 Dec 2022
NZD by instrument
Spot 2,645 1,924 2,364 2,328 3,269 2,368 2,088
Outright forwards 1,360 1,072 1,234 1,715 1,461 1,272 1,086
Foreign exchange swaps 7,599 6,932 7,043 8,143 8,872 7,636 8,313
Currency swaps 746 256 250 527 459 501 454
Over-the-counter options 68 57 27 37 56 72 22
Total 12,418 10,241 10,917 12,749 14,116 11,849 11,963
NZD by region
Local 5,128 4,074 5,686 5,944 7,258 5,794 4,195
Cross-border 7,290 6,167 5,230 6,806 6,859 6,055 7,767
USD by instrument
Spot 736 892 799 1,267 1,327 1,479 997
Outright forwards 446 412 578 744 446 626 424
Foreign exchange swaps 1,482 1,552 1,629 2,291 2,203 1,954 1,584
Currency swaps 12 62 16 48 12 9 10
Over-the-counter options 3 0 1 5 6 12 6
Total 2,679 2,918 3,023 4,355 3,993 4,080 3,022
USD by region
Local 934 564 893 1,329 888 1,177 861
Cross-border 1,746 2,354 2,130 3,025 3,105 2,903 2,161

The data: coverage, periodicity and timeliness

Coverage characteristics

The purpose of the Reserve Bank of New Zealand foreign exchange (FX) turnover survey is to provide information on the New Zealand dollar’s flows and turnover. Participants in the survey are inter-bank New Zealand dollar price-makers.

Data are quoted in millions of New Zealand dollars; selected survey results are presented by instrument and by counterparty, and published as a monthly series, based on a daily average.

Aggregates for NZD, USD and EUR are published, based on the following cross rates:

  • NZD against the following currencies – USD, EUR, JPY, GBP, CHF, CAD, AUD, ‘Other’
  • USD against the following currencies – EUR, JPY, GBP, CHF, CAD, AUD, ‘Other’
  • EUR against the following currencies – JPY, GBP, CHF, CAD, AUD, ‘Other’.

We publish the following types of instruments:

  • Spot
  • Outright forwards
  • Foreign exchange swaps
  • Currency swaps
  • Over-the-counter options.

The current series began in January 2008.




We update the survey summary monthly on or around the 10th business day of the month.  

Access by the public

Statistics release calendar

The statistics release calendar provides a long-term plan of scheduled releases. We update and release the calendar on the first working day of the month.

View the statistics release calendar


Dissemination of terms and conditions under which official statistics are produced, including confidentiality of individual Responses

We publish only aggregated data. Individual institutional data remain confidential subject to our legal obligations.

We collect, monitor and analyse the data in undertaking our market operations functions. These operations involve liaising with and monitoring financial markets to ensure effective implementation of monetary policy and the maintenance of our capacity to intervene in financial markets if required.

Provision of information about revisions and advance notice of major changes in methodology

Provisional data are italicised. Data are deemed provisional when a series is under review. New data are in bold font in the latest release. This applies to the summary table only and not Excel files. We generally publish revisions when we update and release tables, and these are also in bold font.


Dissemination of documentation on methodology and sources used in preparing statistics

All data are indicative of foreign exchange turnover collected daily. Participants in the survey are inter-bank New Zealand dollar price-makers. Respondents complete a daily survey.

Dissemination that support statistical cross-check and provide assurance of reasonableness

A reasonableness check is undertaken prior to the data release.

Series breaks

Series breaks occur when data is affected by changes such as a reclassification that interrupts ‘like for like' time series. There is a series break in spot, outright forward and FX swaps data for November 2014.

Survey respondents

  • ANZ Bank New Zealand Limited
  • ASB Bank Limited
  • Bank of New Zealand
  • Westpac Banking Corporation

Foreign exchange monthly turnover

Foreign exchange turnover

Turnover data provide a measure of market activity, and can also provide a rough proxy for market liquidity.

In the published data, turnover is defined as the gross value of all new deals entered into during a given period (the day), and is measured in terms of the nominal or notional amount of the contracts. No distinction is made between sales and purchases (for example, a purchase of $5 million against sterling and a sale of $7 million against NZD would amount to a gross turnover of $12 million).

The turnover between reporting dealers is halved to provide an equivalent ‘single-sided’ or ‘net’ turnover between dealers. The overall turnover data are published on a single-sided basis.


Spot transactions are single outright transactions involving the exchange of two currencies at a rate agreed on the date of the contract for value or delivery (cash settlement) within two business days. The spot leg of swaps are not included among spot transactions but are reported as a swap transaction even when they are due for settlement within two days (that is, spot transactions are exclusive of ‘tomorrow/next day’ transactions).

Outright forwards

Transactions involving the exchange of two currencies at a rate agreed on the date of the contract for value of delivery (cash settlement) at some time in the future (more than two business days later). This category also includes forward foreign exchange agreement transaction (FXA), non-deliverable forwards and other forward contracts for differences. This does not include ‘tomorrow/next day’ transactions. The most likely user would be a local ‘non-financial’ market participant;  that is, a major trading organisation or multinational corporate.

Foreign exchange swaps

Transactions involving the actual exchange of two currencies (principal amount only) on a specific date at a rate agreed at the time of the conclusion of the contract (the short leg), and a reverse exchanges of the same two currencies at a date further in the future at a rate (generally different from the rate applied to the short leg) agreed at the time of the contract (the long leg). Both spot/forward and forward/forward swaps are included. Short-term swaps carried out as ‘tomorrow/next day’ transactions are also included in this category. For turnover, only the forward leg should be reported as such. The spot leg should not be reported at all.

Currency swaps

Transactions involving the actual exchange of different currencies on a specific date at a rate agreed at the time of the conclusion of the contract and an agreement to exchange streams of interest payments (fixed or floating) in the currencies for an agreed period of time, followed by a reverse exchange at a pre-agreed exchange rate at maturity. Equal principal based on the initial spot rate is typically exchanged at both initiation and maturity. Only the exchange of principal—the initial exchange—is recorded.

Over-the-counter (OTC) options

Contracts that give the right to buy or sell one currency in exchange for another at a specified exchange rate (price) during or up to a specified future date. This category also includes exotic foreign exchange options such as average rate options and barrier options. OTC options include:

  • Currency swaption: OTC option to enter into a currency swap contract
  • Currency warrant: Long-dated (over one year) OTC currency option.

Reporting dealers

For the purposes of the foreign exchange turnover survey, ‘reporting dealers’ are interbank NZD price-makers in this time zone (see list of reporting dealers at the end of B4 Foreign exchange turnover background notes).

Other financial institutions

This category covers the financial institutions that are not reporting dealers. It includes:

  • smaller commercial banks
  • investment banks
  • securities houses
  • mutual funds
  • pension funds
  • hedge funds
  • currency funds
  • money market funds
  • building societies
  • leasing companies
  • insurance companies
  • other financial subsidiaries of corporate firms and central banks.

Non-financial customers

This category covers any counterparty other than those described above; that is, mainly non-financial end-users, such as corporates and non-financial government entities. It may also include private individuals who directly transact with reporting dealers for investment purposes, either on the online retail trading platforms operated by the reporting dealers or by other means (for example, giving trading instructions by phone).

Symbols and conventions for summary table

Symbol or convention Definition
0 Zero or value rounded to zero
- Not applicable
.. Not available
bold Revised/new
italics Provisional
Light grey background Historical

General notes

  • Individual figures may not sum to the totals due to rounding
  • Percentage changes are calculated on unrounded numbers
  • You are free to copy, distribute and adapt these statistics subject to the conditions listed on our copyright page.