BNZ Weekly Overview - June 14 2007

Friday, 15 June 2007, 12:51 am
Press Release: Bank of New Zealand

Welcome to the June 14 edition of the BNZ Weekly Overview.

This week we have seen the Reserve Bank intervene in the foreign currency market for the first time in 22 years selling Kiwi dollars. The currency has dropped about 1.1 cents as a result of their actions but compared with a week ago we are less than half a cent lower against the greenback and are up against all other currencies. Their action is hard to understand and the risk is foreign speculators decide to take them on. In that sort of game our central bank has no chance of winning.

See... BNZ Weekly Overview - June 14 2007

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