Reserve Bank of New Zealand annual report details foreign exchange losses

Alan Bollard-governor of the Reserve Bank of New Zealand

The 2012 annual report of the Reserve Bank of New Zealand, published today (September 24), said GDP had grown at 2.4% in the year to March 2012, which it attributed to restrained expenditure on household purchases.

The central bank also posted foreign exchange losses of NZ$38 million ($31.3 million) the report said, as it holds some foreign reserves on an unhedged basis, and its profits are therefore susceptible to exchange rate movements.

As a consequence of these losses, a divided of NZ$160

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