New foreign exchange strategy in New Zealand

Allan Bollard, the governor of the Reserve Bank of New Zealand, announced on 13 July that the central bank will move away from its current practice of matching its foreign assets to its foreign liabilities.

The move follows a year-long review of the central bank's balance sheet, aimed at improving the efficiency with which the Reserve Bank conducts monetary policy and other functions such as currency, liquidity and foreign reserves management.

Bollard noted that the central bank's policy of

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