NZ managers: Hands off the printing presses
Russell Investment’s latest survey of New Zealand’s top managers asked whether the Reserve Bank or Government should look at bringing down the value of the New Zealand dollar through measures such as quantative easing – printing more money.
The answer from the fund managers was a resounding “no”.
“With the New Zealand dollar sitting at 84c last week the perception is that our currency is strong, but the reality is that it more likely reflects weakness of the US dollar,” said Russell’s New Zealand head of consulting, Daniel Mussett.
The managers surveyed agreed the current high exchange rate is hurting New Zealand’s manufacturing base and exporters, but they thought it would be dangerous, if not impossible, to manage our currency through direct intervention.
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