Reserve Bank widens TWI currency basket to better reflect trading patterns

Thu, 16 Oct 2014

By Tina Morrison Oct. 17 (BusinessDesk) - The Reserve Bank of New Zealand will broaden the currency basket it uses to calculate the value of the local dollar, to better reflect the nation's trading relationships. From Dec. 11, the number of currencies in the benchmark trade-weighted index will increase to 17 from five, the Wellington-based RBNZ said in a statement. It will weight each currency on direct bilateral trade with New Zealand and remove a reference to relative GDP, while including trade in services for the first time, it said....

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