Kiwi dollar 'significant headwind' for economy, RBNZ's Wheeler says

Wed, 05 Dec 2012

By Paul McBeth Dec. 6 (BusinessDesk) - The persistent strength of the New Zealand dollar has been a "significant headwind" to the economy as it erodes export earnings and encourages local consumers to buy foreign-made goods, according to Reserve Bank governor Graeme Wheeler. The Reserve Bank has raised its forecasts for the currency over the coming two years, as international money markets chase yields in a low interest rate environment and as major central banks around the world - including the US Federal Reserve, the European Central Bank,...

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