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RBNZ Sold Kiwi In July To Build Foreign Reserves


The RBNZ sold a net of $4bn NZD to build its reserves of foreign currencies. The Reserve Bank sold a net NZ$3.96 billion, according to data posted on its website, the largest sale in records dating to 2004.

  • An RBNZ spokesman noted that it was not an intervention and relates to the new foreign currency reserves framework announced in January. The government added NZ$500 million ($308 million) to the Reserve Bank’s balance sheet in early July, according to a Treasury Department report to Finance Minister Grant Robertson. More here.
  • The RBNZ may lean against an bid in NZD/USD as it looks to continue building its FX reserves.

Fig 1: New Zealand Official Reserve Assets

Source: MNI/Bloomberg

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