RBNZ could ‘scale up’ forex intervention

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Graeme Wheeler, the governor of the Reserve Bank of New Zealand (RBNZ), today said the central bank is "prepared to scale up" its intervention in the foreign exchange markets to combat the "significantly over-valued" exchange rate.

At the beginning of May, Wheeler announced the sale of around NZ$256 million ($208 million) in an attempt to "dampen some of the spikes in the exchange rate", and today he signalled a willingness to return to the markets.

The RBNZ, he stressed, must be "realistic"

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