RBNZ intervenes in forex and hits bank capital

graeme-wheeler

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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