24 January 2006

Dizzy Dollar Heights Bad News For Farmers

New Zealand First is pleased that the Government is trying to alleviate the pressures that the high dollar is placing on our export sector, and commends moves by the Reserve Bank Governor to improve monetary conditions.

“Some criticism has been levelled at the Reserve Bank governor and other officials for their attempts at dampening the appeal of investing in New Zealand Government bonds, particularly to Japanese investors,” said Primary Production spokesperson Doug Woolerton.

“The efficacy of this move remains to be seen, but at least there is a recognition that our exporters are suffering, and that action needs to be taken.

“It’s easy to sit back and criticise, but in a country dependent on manufacturing and primary production, actions speak louder than words. The more we can do to talk down or otherwise achieve a lower exchange rate, the better.

“The dollar has to come down, and it eventually will, but in the meantime any attempts to hasten its fall should be commended, not ridiculed from the blue corner,” said Mr Woolerton.

ENDS

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