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Peters Calls For Lower Interest Rates

Peters Calls For Lower Interest Rates

New Zealand First has again called for lower interest rates to help expand the economy which is suffering from an overvalued dollar.

“The Reserve Bank has an opportunity tomorrow when it reviews the official cash rate to provide the financial leadership lacking by the Government. With New Zealand’s fragile economy poised to enter a deflationary period of low growth there is an opportunity for to slash interest rates and bring us into line with Australia – our biggest trading partner,” Rt Hon Winston Peters said.

“A significant drop in the OCR would kick start our economy which is currently surviving on the last vestiges of previous high commodity prices and record primary production.

“There is a great opportunity to provide the impetus for real export and economic growth and to overcome the problem created by mass immigration which has been soaking up spare capacity in the economy.

“Providing the appropriate monetary conditions may induce the Government to introduce an export plan and fiscal policies essential for real economic growth,” Mr Peters said.

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