Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


RBNZ deputy to talk dollars with coin fanciers

RBNZ deputy to talk dollars with coin fanciers, may not drop policy hints

By Tina Morrison

July 3 (BusinessDesk) - Reserve Bank deputy governor Geoff Bascand is to discuss the New Zealand dollar at a conference this weekend, although the coin fanciers in the audience are unlikely to get any hints about current policy.

New Zealand is holding its first ever international numismatic conference and fair in Wellington and Bascand is scheduled to deliver a speech titled The Evolution of New Zealand's Currency on Saturday. Some 120 people have registered to take part in the conference, which will include a walking tour of numismatic sites of interest, including a special exhibit of medals held at parliament, the Reserve Bank Museum, Archives New Zealand and the BNZ Museum at Harbour Quays.

The speech comes as the New Zealand dollar is trading near a record high on a trade-weighted basis and a three-year high versus the greenback. Reserve Bank governor Graeme Wheeler signalled in May that the bank would be prepared to intervene by selling the kiwi if it remains high while commodity prices fall. The majority of traders and strategists surveyed by BusinessDesk this week said the currency could break through 88.40 US cents this week to reach the highest since being allowed to trade freely in 1985.

The Reserve Bank is in a tight spot as it raises interest rates in an attempt to slow inflation from an expanding economy, even as it is thwarted by local trading banks able to source cheaper money from overseas to lend to locals. While the bank feels weaker commodity prices should be weighing on the kiwi, investors continue to favour the currency as they remain focused on the higher yields available in a global environment of low interest rates.

Any currency trading at the Wellington conference is likely to be focused on rare or unusual coins, medals and banknotes.

The New Zealand dollar recently traded at 87.67 US cents. It was forecast to trade between 86.40 US cents and 89.90 cents this week, according to a BusinessDesk survey of 10 traders and strategists. The trade-weighted index was recently at 81.35 and last week touched a record 81.71.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

The Nation: Call For Cross-Party Auckland Housing Plan

Penny Hulse calls for cross-party accord on Auckland housing because “it’s too important to score political points on”. More>>

ALSO:

Flu Season: Overcoming Vaccination Reluctance

While research shows that 40% of New Zealand businesses offer free or subsidised flu vaccinations to employees this time of year, HR professionals say persuading staff to participate is the biggest challenge. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news