Wed, 29 Sep 2004
Reserve Bank of New Zealand
News Release
29 September 2004
Foreign exchange and derivatives turnover survey
New Zealand's foreign exchange market handled an average of US$7.5 billion per day in April 2004 (relative to US$4.2
and US$7.6 billion per day in April 2001 and 1998 respectively), according to a Reserve Bank survey released today.
These results are part of a triennial survey of 52 central banks and monetary authorities co-ordinated by the Bank for
International Settlements (BIS) and reported in US dollars. In New Zealand the survey captured the activity of five
major banks participating in the local wholesale financial markets.
Commenting on the survey, Deputy Governor Adrian Orr said "About three quarters of the increase in the value of foreign
exchange turnover since 2001 is due to a rise in the New Zealand dollar, with the remainder being due to growth in
transaction volume.
The survey also covered interest rate derivative products, such as forward rate agreements and interest rate swaps.
Average daily turnover in these products was US$1.8 billion - a threefold increase since 2001.
This press statement follows similar releases from the BIS and other central banks at 1500 GMT earlier today. More
details of the results are contained in the attached information note. The BIS preliminary global report can be found at
To see highlights of the survey results click on the following link http://www.rbnz.govt.nz/news/2004/0158679.html#TopOfPage
ENDS