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June 2007 Intervention by the Reserve Bank in the New Zealand Dollar Market Information Release

Page updated 27 Oct 2007
Released 30 Jul 2007

Release of Treasury advice to Minister of Finance on the intervention policy of the Reserve Bank of New Zealand.

On 11 June 2007, the Reserve Bank intervened in the market for the New Zealand dollar (NZD) by selling NZD in circumstances where the NZD had appreciated significantly against the US dollar.

The paper released here is a briefing note prepared by the Treasury for the Minister of Finance subsequent to that intervention. The briefing note was released to the Sunday Star Times pursuant to an Official Information Act request on 25 July, and describes the intervention policy that was in place from early 2004 until the end of June 2007 - some elements of which have since changed. Further information about recent changes to the Reserve Bank's foreign reserves and intervention policies is set out in the other Reserve Bank of New Zealand Foreign Exchange Reserves and Intervention Information Releases.

The document is available in Adobe PDF format only. An HTML version can be supplied on request from Information Services at the Treasury.

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