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New Zealand's central bank intervenes in currency

May 07. 2013 11:39PM
Associated Press

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(AP) New Zealand's central bank has intervened in the currency market for the first time in five years to try to curb the local dollar's rise.

The rising Kiwi dollar, as the New Zealand currency is known, has been hurting the country's exporters.

The New Zealand Herald newspaper reports that Reserve Bank Governor Graeme Wheeler told a parliamentary committee Wednesday it had intervened recently. He said that such interventions would not significantly change the level of the exchange rate but could potentially take "the tops off rallies."

Reserve Bank spokesman Mike Hannah on Wednesday said the bank would be making no further comment.

Also Wednesday, the bank issued a report raising concerns about the country's rising house prices.

The Kiwi dollar was trading down 0.7 percent Wednesday at about 84 cents.

Associated Press

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