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Governor’s Blunt Instrument
Media Release
08 March 2007
GOVERNOR’S BLUNT INSTRUMENT
The Reserve Bank Governor’s decision to lift the Official Cash Rate today is an inevitable bowing to pressure, says New Zealand First economic development spokesperson Doug Woolerton.
“The Official Cash Rate is a blunt instrument, and we in New Zealand First believe there are better ways to manage monetary policy. An overhaul of the Reserve Bank Act is needed to include exports and growth as important objectives.
“What New Zealand needs is a balanced and flexible monetary policy of lower exchange and interest rates. The Governor’s hands are tied, and it’s about time they were loosened,” said Mr Woolerton.
ENDS
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