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Cullen refutes Dominion report on dollar

16 September 2000 Media Statement

Cullen refutes Dominion report

Finance Minister Dr Michael Cullen said today that he never stated the dollar is likely to fall further.

"This morning's report in the Dominion is an unwarranted interpretation of my comment that the Australian dollar and the NZ dollar have tended to move together recently and the recent drop in the Australian had caused some decline in the NZ dollar.

"That comment cannot be taken to imply that I believe the NZ dollar will drop further.

"I always avoid any comment about what is likely to happen to the NZ dollar in the short term.

"I have repeatedly said that in my view both the Australian and the NZ dollar are now oversold and undervalued, but again, it would be inappropriate for a Minister of Finance to make any comment about what is likely to happen in the immediate future," said Dr Cullen.


ENDS

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