Kiwi's sudden drop caused by RBNZ

Source: CNBC
The New Zealand Dollar fell almost 2% on Monday to $0.77, its lowest in 14 months, after the news that the RBNZ has sold more than 500 million NZD since August in order to weaken the Kiwi. Another interest rate increase was expected in July; however the bank refrained from it in order to monitor the currency. This has lead to a 11% drop up to now. The PM John Key wants to see the Kiwi at 65 U.S. cents, which is a additional 16% depreciation.
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Tue, 30 Sep 2014 08:20:06 GMT

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