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Action, Not Talk To Drop Dollar - Peters

Action, Not Talk To Drop Dollar - Peters

New Zealand First has called on Finance Minister Michael Cullen to stop talking and take action to drop the value of the high Kiwi dollar because it is strangling the economy.

This follows Dr Cullen expressing concern that the continued high value of the dollar may lead to lasting damage to the export sector by discouraging investment in future capacity.

Rt Hon Winston Peters said today that the Reserve Bank would announce a review of the Official Cash Rate on Thursday and there was a real risk the bank would maintain or even lift the present high rate.

“The Reserve Bank will act to stifle internal activity but ignore export figures. The dollar has to come down to restore the value of exports and improve our soaring trade deficit.

“Dr Cullen cannot follow a head in the sand “Brash” policy and do nothing while the country goes to the wall.

“We pledge to support any action the Finance Minister needs to take to get the dollar down. The present situation, which is an importer’s heaven, cannot be allowed to continue,” said Mr Peters.

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