New Zealand central bank Governor Alan Bollard will quit in September, ending a decade-long tenure in which he raised interest rates to a record high before cutting them last year to the their lowest ever.
New Zealand house sales and core consumer spending declined, driving down the currency and providing scope for central bank Governor Alan Bollard to raise the benchmark interest rate only gradually this year.
New Zealand faces a NZ$2 billion ($1.4 billion) damage bill and a massive clean-up after Christchurch, its second-biggest city, was hit by a magnitude 7.0 earthquake that closed the central business district.
A record New Zealand dollar pushed the central bank into its first confirmed currency intervention in six years. It’s also forcing the nation’s biggest exporters to innovate as the soaring kiwi squeezes returns.