About 定期存款 (NZD)
Term deposits for New Zealand are fixed-duration bank deposits that earn a specified interest rate. They are typically included in M2 or M3 as a less liquid component of the broad money supply.
Why FX traders watch it
Rising term deposit rates attract savers to lock in funds, reducing spending and reflecting tight monetary conditions. The stock of term deposits signals the pace of financial intermediation in the New Zealand banking system.
How to interpret the data
Growth in term deposits during a rate-hiking cycle is normal and confirms the monetary transmission mechanism is working. Declining term deposits may signal disintermediation or that interest rates are at their peak.