Reserve Bank of New Zealand - Annual Report 2006

According to the Reserve Bank of New Zealand's Annual Report 2006, the last year had been particularly challenging, with monetary policy having to contend with more persistent oil price increases and stronger economic activity than anticipated.

Domestic inflation pressures had remained strong during the year, Reserve Bank governor Alan Bollard said.

"Monetary policy has been clearly focused on ensuring inflation will return to within the 1 to 3 percent target band in the medium term," Dr Bollard

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