New Zealand cb's reserves boosted

The Reserve Bank of New Zealand will receive an extra NZ$1.9 billion (US$1.2 billion) in foreign exchange "for the purpose of stabilising the foreign exchange market in a period of, or to avoid, market dysfunction," Michael Cullen, the finance minister, announced.

The increase of over 20% will raise existing reserves to NZ$7 billion, in line with the bank's request of February 9. A further increase in reserves to facilitate a "more active medium-term intervention capacity" at both the top

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