FX.co ★ RBNZ Offshore Holdings Edge Lower in January, Signaling Slight Dip in Foreign Demand for NZ Assets

The Reserve Bank of New Zealand (RBNZ) reported a modest decline in offshore holdings at the start of 2026, suggesting a slight cooling in foreign appetite for New Zealand assets. The share of offshore holdings slipped to 56.30% in January 2026, down from 57.50% in December 2025.

This 1.2 percentage point drop marks a pause in previously higher levels of foreign participation and may reflect repositioning by international investors at the turn of the year. While still elevated in absolute terms, the lower reading could be watched closely by market participants for any emerging trend in cross-border capital flows.

The updated figures, released on 18 February 2026, will likely feed into broader assessments of New Zealand’s external funding conditions and investor sentiment toward the country’s financial markets in early 2026.