New R.B. index
PA Wellington From Monday, the Reserve Bank will introduce a new index to measure the value of the New Zealand dollar in relation to the basket of Currencies of New Zealand's five major trading partners. The new measure would not change the value of the New Zealand dollar against any individual currency, the bank said In a statement "The new index is based on a system which is used by other central banks and is more accurate than the system used in the old index which, in recent months had developed an upward bias. In addition, the new index uses Department of Statistics merchandise trade data to determine the weighting given to each currency, as the overseas transactions data that was previously used for this purpose is no longer produced. “The change has been under consideration for some time and was explained in the June Issue of the Reserve Bank's Bulletin.
“On Monday, the nominal exchange rate index will be at a lower level than it would be under the old method of calculation,” said Mr Allan A. Smith, chief manager of the bank’s International department.
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Press, 23 November 1987, Page 14
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189New R.B. index Press, 23 November 1987, Page 14
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