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RBNZ To Increase Foreign Reserves

NZD

From the official statement, here:

  • "Given the growth in the economy and foreign exchange market since then [2007, since when the level of reserves have been largely unchanged], the Minister of Finance and our Board have agreed that an increase to foreign reserves holdings is needed."
  • The increase will take place over a number of years to minimise the market impact.
  • "Due to market and policy sensitivities, we do not intend to make public any further details on the size or composition of this increase."
  • NZDUSD sees little reaction to the announcement, at circa 0.65 for +0.25% on the day.
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