Arab Today, arab today new zealand manufacturers exporters call for interest rate cut
Last Updated : GMT 18:42:31
Arab Today, arab today
Arab Today, arab today

New Zealand manufacturers, exporters call for interest rate cut

Arab Today, arab today

Arab Today, arab today New Zealand manufacturers, exporters call for interest rate cut

Wellington - Xinhua

New Zealand manufacturers and exporters Friday called for an interest rate cut when the Reserve Bank of New Zealand (RBNZ) reviews the official cash rate (OCR) next week.The New Zealand Manufacturers and Exporters Association (NZMEA) made the call in response to the financial problems in Europe and the United States.NZMEA Chief Executive John Walley said in a statement that it was naive to think New Zealand would be insulated from the problems in Europe.\"While only around 10 percent of our exports are sold there the impact of debt problems there will make it more difficult for New Zealand to borrow offshore,\" said Walley.\"The U.S. Federal Reserve, Bank of Canada, Bank of England, Bank of Japan, European Central Bank and Swiss National Bank have agreed to lower the interest rate on U.S. dollar liquidity swap lines by 50 basis points. Clearly other central banks are taking concerns in Europe seriously.\"The drop in New Zealand\'s terms of trade the purchasing power of exports against a the value of imports reported by the government statistics agency Thursday demonstrated the urgency of acting to help exporters, he said.Terms of trade fell in the September quarter after hitting a 37- year high in the quarter to the end of June, mainly due to the high value of the NZ dollar, according to Statistics New Zealand.The country\'s merchandise terms of trade fell 0.7 percent in the September quarter after seven straight rises due to export prices falling by 4 percent more than import prices, which were down 3.4 percent.Higher export earnings would put the country in a better position if problems did occur and an OCR cut would help that, said Walley.\"An OCR cut, in line with what our trading partners are doing, would help keep pressure off the currency in the short-term.\"Two economic forecasts published Thursday warned the European sovereign debt crisis could derail New Zealand\'s fragile export- dependent recovery and predicted the RBNZ would keep interest rates on hold when the review was issued on Dec. 8.The independent New Zealand Institute of Economic Research ( NZIER) forecast the OCR would be held until mid-2013 and even indicated the RBNZ would have to cut the OCR if the global situation worsened.Its prediction of a brake on interest rates was echoed in an Economic Update from the ASB Bank, forecasting the OCR would remain on hold until December next year.\"Even assuming Europe contains the crisis very soon, the first half of next year no longer looks soon enough for the RBNZ to have confidence that the risks to the global economy have been sufficiently defused,\" it said.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today new zealand manufacturers exporters call for interest rate cut Arab Today, arab today new zealand manufacturers exporters call for interest rate cut

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Egyptian tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Egyptian tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal

GMT 21:36 2017 Wednesday ,22 February

Opec needs to prolong cuts to eliminate surplus

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday