Reserve Bank of New Zealand annual report details foreign exchange losses
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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