In early 1997, it is equally clear that the New Zealand dollar was significantly above its long-run average, indeed above its long-run average to almost exactly the same extent as had been the case in the middle of 1988 (almost 12 per cent). Today, the real exchange rate again seems to be somewhat below its long-term average level.
And we will work with our partners to implement preventative measures. I am confident that you will do your part, too. 6  BIS Review 135/2007