RBNZ buys BIS shares

The Reserve Bank of New Zealand today announced that it had accepted an offer to become a shareholder in the BIS. The cost of the BIS shareholding is approximately NZ$100m (almost US$60m)' which has been raised from the Reserve Bank's balance sheet. In addition, the bank has hedged the exchange rate risk on the investment.

Alan Bollard, governor of the Reserve Bank, commented "We have carefully reviewed the net benefits from being a shareholder in the BIS and concluded that it is in the Bank's

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