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Reserve Bank Intervenes to Bring Down Dollar
11 June 2007
Media Release
Reserve Bank Intervenes to Bring Down Dollar
Today’s unprecedented intervention of the Reserve Bank in the foreign exchange market to sell New Zealand dollars was cautiously welcomed by the Auckland Chamber of Commerce.
Since last Thursday’s Reserve Bank announcement lifting the Official Cash Rate to 8%, the exchange rate had lifted to a record high against the US dollar and was eroding our vital export competitiveness, noted Auckland Chamber chief executive Michael Barnett. “It seems that 76 cents was the tipping point for action.”
“It is good news that the dollar is falling in the wake of the Reserve Bank intervention. Whether it falls to a level that is sustainable for exporters in the medium term is open to question, but at least the Reserve Bank has demonstrated that it can act to avoid unnecessary instability in the currency.”
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