New Zealand interest rates on hold
The RBNZ voted to leave interest rates at 2.5% for the second month in a row, though stated that rates may be reduced further to avoid a strengthening currency which could undermine economic recovery.
The rising sense of optimism in the global economy has seen the New Zealand dollar strengthen throughout 2009. With financial forecasts predicting further improvement, Reserve Bank governor Allan Bollard claimed that further rate reductions could be used to keep the New Zealand dollar weak. This would drive demand for cheaper New Zealand imports. The NZD fell to USD0.65 in the lead up to the announcement.
The current New Zealand dollar exchange rate is GBP0.3960 and USD0.6528
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.