Reserve Bank of New Zealand - 06/07 Annual Report

Alan Bollard, the governor of the Reserve Bank of New Zealand, said that, aside from price stability, the central bank had focused on foreign exchange, banking, financial systems, payment systems and currency.

The central bank was forced to raise interest rates four times as strong household consumption and higher dairy prices led to a rise in inflation. But the governor said that the rate hikes alone would fail to halt the rise in inflation: "Monetary policy cannot do everything. Appropriate

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