RBNZ intervenes in forex and hits bank capital


Graeme Wheeler, governor of the Reserve Bank of New Zealand (RBNZ), today revealed that the central bank has taken action to counter twin threats from a strong New Zealand dollar and an overheating housing market.

The central bank is facing tough choices, as inflation, at 0.9% in the year to March 2013, falls just below its target band of 1–3% in the medium term, but low interest rates are contributing to high and rising house prices. The central bank also considers the exchange rate overvalued

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