(MENAFN) New Zealand's central bank governor, Graeme Wheeler said that the bank took action in order to suppress the increase in its dollar's value, reported AP.
Local industries fear that imports will rise on the expense of a higher NZ dollar, weakening the country's exports.
Making matters worse, Japan's recent efforts to put a halt to deflation, may lead to an overvalued dollar.
It is worth noting that New Zealand's main exports of beef, wool and dairy products head to the Far East, raising concerns in the agricultural industry.
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