RBNZ to expand FX reserves

Bigger economy and markets demand larger pool of reserves, central bank says

Photo: Rachael King

The Reserve Bank of New Zealand is to expand the size of its foreign exchange reserves, after agreeing a new reserves framework with the government.

Reserves currently stand at around NZ$22.8 billion (US$14.8 billion), and have varied little since 2007. The central bank and government decided expansion of the economy and the FX market in the past 15 years mean that the country needs a larger reserves pool to draw upon in times of crisis.

“The transition to this higher level of foreign reserves

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