Reserve Bank Fiddles While Exports Burn
14 June 2002
Reserve Bank Fiddles While Exports Burn: Peters
The New Zealand First Leader, Winston Peters, has renewed his calls for the Reserve Bank to broaden its approach and consider employment and growth targets rather than maintain its narrow focus on real and imagined inflationary pressures.
“It is time our economy was run in the interests of the productive sector and not for the benefit of the capital markets. Already we are seeing lower returns for our exporters and less new investment. The only beneficiaries are the currency speculators,” Mr. Peters said.
“We saw the same misguided policies from the Bank from 1994 to 1996 when the dollar reached $0.69(US) and during the Asian Economic Crisis when it cost us billions. We can’t afford to pay that price again. New Zealand First will amend the Reserve Bank Act in support of our exporters,” Mr Peters said.