New Zealand's foreign exchange market trading almost halved in the past three years, as more business moved to Australia, says a Reserve Bank survey.
The report, part of a three-yearly survey, captures the activity of five banks active in the spot, forward, currency swaps and foreign exchange derivatives market during April.
Average daily foreign exchange turnover was $4.2 billion, down 46 per cent from April 1998.
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Electricity generator-retailers also weighed on the market.