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PM rules out Govt exchange rate intervention

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PM rules out Govt exchange rate intervention

By: Felix Marwick | Latest Political News | Wednesday September 19 2012 16:30

 

The Prime Minister is flatly rejecting calls for intervention in the exchange rate.

Both Labour and New Zealand First are demanding changes be made to the Reserve Bank Act so steps can be taken to try to drive the Kiwi dollar down.

John Key doesn't believe intervention is a mechanism that works and is castigating Winston Peters for suggesting it would work.

"If the member really thinks that he can get the New Zealand dollar down while it remains a floating exchange rate, then he needs to go away and read a few books, give him a clue, it doesn't work."

Photo: NZ Herald

 

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