RBNZ to set new policy to contain currency pressure

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03 May 2012 @ 04:05 am EDT

The Reserve Bank of New Zealand board announced today the Bank will take new financial facilities to help contain the overnight cash rate and the nation's currency pressure, which called as a macro-prudential policy.

The new policy aims to support the support the financial system in New Zealand after the massive deterioration that hurt global financial system during the previous period, where the NZ government wants to curb credit booms and protect the economy from bank failures.

This policy hasn't a good impact on the New Zealand dollar, which continued to increase its losses against the American dollar, recorded the lowest level in more than four months, where the nation released today its unemployment report that showed jobless rate increased by 6.7% in the first quarter more than expected.

NZD/USD pair recorded a low of 0.8038 after traded around 0.8084, also it dropped against the Japanese yen to record a low of 64.39 after traded around 64.73.

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