Had this experience been a total success, I would have been happy to acknowledge our debt to the Bank of Canada for this experiment! 6  BIS Review 5/2001  The experience was not a total failure. In particular, it finally persuaded financial market participants, at home and abroad, that we had no exchange rate target in the conventional sense.
Prior to that time, and related no doubt in part to the "conditional exchange rate comfort zones" which we had used in the late eighties and early nineties, there had been quite a widespread perception that we were in some sense "putting a floor" under the exchange rate, with the result that investing in New Zealand dollars was a "one way bet".