Reserve Bank to increase foreign currency reserves over time

The move improves its ability to its ability to intervene in the NZ dollar market for financial stability. (Image: BusinessDesk)

Staff reporters

Wed, 25 Jan 2023

The Reserve Bank of New Zealand says it and finance minister Grant Robertson have agreed to increase the central bank’s foreign reserves by an unspecified amount to retain its ability to intervene in the NZ dollar market for financial stability or monetary policy purposes.The Reserve Bank of NZ's (RBNZ) chair, Neil Quigley, said in a statement that “a well-functioning foreign exchange market is critical to NZ’s economy, with many people – including exporters, importers, borrowers and investors – reliant on thes...

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