(Bloomberg) -- New Zealand exporters say they're being
forced to close plants or relocate factories overseas because the
central bank is failing in its attempts to curb the soaring
currency.
The New Zealand dollar reached a 22-year high yesterday and
has gained 28 percent in the past 12 months, eroding earnings at
Fisher & Paykel Appliances Holdings Ltd., Cedenco Foods and other
exporters who make up 30 percent of the economy. The local dollar
surged even as the central bank sold the currency to drive it
lower, the first intervention since at least 1985.
Read more at Bloomberg Currencies News
forced to close plants or relocate factories overseas because the
central bank is failing in its attempts to curb the soaring
currency.
The New Zealand dollar reached a 22-year high yesterday and
has gained 28 percent in the past 12 months, eroding earnings at
Fisher & Paykel Appliances Holdings Ltd., Cedenco Foods and other
exporters who make up 30 percent of the economy. The local dollar
surged even as the central bank sold the currency to drive it
lower, the first intervention since at least 1985.
Read more at Bloomberg Currencies News
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