Reserve Bank of New Zealand - Annual Report 2004

The Reserve Bank of New Zealand has published its Annual Report for 2004. In the Governor's Statement Alan Bollard said by the end of 2003 it became clear that, contrary to most economists' forecasts, New Zealand's strong economic growth was not slowing. Moreover, domestic inflation remained significant.

"At that stage, its impact on overall CPI inflation was held in check by a very strong New Zealand dollar, but this could not be relied upon indefinitely. Therefore, in the first half of 2004

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