RBNZ to expand FX reserves
Bigger economy and markets demand larger pool of reserves, central bank says
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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