New Zealand Real Effective Exchange Rate
Real effective exchange rate index PX.REX.REER
New Zealand's real effective exchange rate was 98.19 in 2026 (projected), ranked 14th globally. This represents a 4.1% decrease from 2025. Data from BIS, covering 1964–2026.
Overview
New Zealand's real effective exchange rate stood at 98.19 in 2026, a decline of +4.16 from 2025. Based on recent trends, this figure is projected to reach 96.45 by 2027. New Zealand ranked 14th globally.
New Zealand’s real effective exchange rate (REER) stood at 98.19 in 2026, placing the country 14th in the global ranking according to the Bank for International Settlements. Over the 63‑year series, the index fell from an early high of 104.64 in 1964 to a pronounced trough of 75.60 in 2001, before climbing to an all‑time peak of 112.96 in 2014. The recent level is closely aligned with peers such as Morocco (98.14) and Cyprus (98.33), and only marginally above Denmark’s 97.59, suggesting that New Zealand’s external competitiveness is comparable to other small open economies. The post‑peak decline from 2014 reflects a combination of weaker terms‑of‑trade, subdued export growth and monetary policy adjustments that have moderated the currency’s real appreciation. Continued pressure from global commodity price swings and divergent monetary cycles will likely shape the REER trajectory, with any sustained improvement in export margins or tighter domestic policy potentially nudging the index higher.
Data & projection
| Year | Real Effective Exchange Rate | YoY change | Rank |
|---|---|---|---|
| 2029* trend | 92.09 | - | - |
| 2028* trend | 94.27 | - | - |
| 2027* trend | 96.45 | - | - |
| 2026 | 98.19 | −4.16 | #14 |
| 2025 | 99.12 | −7.34 | #15 |
| 2024 | 106.18 | +0.53 | #62 |
| 2023 | 105.69 | +1.05 | #67 |
| 2022 | 105.81 | −0.63 | #72 |
| 2021 | 107.61 | +7.62 | #84 |
| 2020 | 100.88 | +0.05 | #63 |
| 2019 | 101.68 | −0.77 | #64 |
| 2018 | 103.32 | −3.68 | #73 |
| 2017 | 107.90 | +2.74 | #82 |
| 2016 | 106.20 | +1.86 | #78 |
| 2015 | 105.13 | −8.09 | #77 |
| 2014 | 112.96 | +3.37 | #94 |
| 2013 | 110.02 | +3.39 | #91 |
| 2012 | 107.70 | +3.75 | #92 |
Analysis
New Zealand's real effective exchange rate was 98.19 in 2026, a decline of −4.16 from 2025. Based on trends, estimated 96.45 by 2027.
Frequently Asked Questions
New Zealand's real effective exchange rate was 98.19 in 2026. Ranked 14th globally. This represents a 4.1% decrease from the previous year.
New Zealand's real effective exchange rate peaked at 112.96 in 2014.
The lowest real effective exchange rate in New Zealand was 75.60 in 2001.
New Zealand ranks 14th globally in real effective exchange rate as of 2026.
The World Bank indicator code is PX.REX.REER. Data sourced from BIS.
New Zealand's real effective exchange rate is projected to reach 96.45 by 2027 based on trend extrapolation.
The real effective exchange rate of New Zealand in 2026 was 98.19. This ranks 14th in the world.
Cite this page
@misc{historysaid_new-zealand_reer,
title = {New Zealand Real Effective Exchange Rate},
url = {https://historysaid.com/new-zealand/reer/},
publisher = {HistorySaid},
year = {2026}
}