We now see the exchange rate as exceptionally high, and in some respects this is unjustifiable. In time, it will fall. Investors who think that the New Zealand dollar only goes up will be set for disappointment.
More Quotes from Alan Bollard:
There's inflation activity in the system, there's cost and wage pressures in the system, and we need to see that abate before we're prepared to see interest rates come off.Alan Bollard
The correction of these imbalances and associated inflation pressures will require a slowdown in housing, credit growth and domestic spending, ... We also expect a significantly lower exchange rate.
Alan Bollard
We have seen ongoing momentum in domestic demand and persistently tight capacity constraints, ... We remain concerned that inflation pressures are not abating sufficiently to achieve our medium-term target.
Alan Bollard
That's why we will keep making these warnings and if necessary take further action, ... can increase interest rates and we can do it in a way that really hurts.
Alan Bollard
The decline in the exchange rate will either be gradual, as domestic spending pressures ease, or it will be more abrupt as global investors reassess New Zealand as an investment destination.
Alan Bollard
The most serious risk to medium-term inflation is the continuing strength of household spending, supported by a relentless housing market and rapid growth in mortgage lending,
Alan Bollard
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