Grant Spencer: Recent intervention by the Reserve Bank of New Zealand in the foreign exchange market Opinion article by Mr Grant Spencer, Deputy Governor of the Reserve Bank of New Zealand, 27 June 2007. *  *  *  On 11 June, the Reserve Bank confirmed that it had intervened in the foreign exchange market to sell New Zealand dollars.
Overall, this assessment is broadly reflected in the staff projections which foresee an annual real GDP growth of 1.4% in 2015, 1.7% in 2016 and 1.8% in 2017. Again compared with the projections in June, the outlook for real GDP growth has been revised downwards. This is due primarily to lower external demand owing to weaker growth in the emerging markets.