Figure 4 New Zealand trade-weighted real exchange rate  (Source: RBNZ) Another important point can be seen in the graph, and that is that, although some exporters are particularly prone to measuring exchange rate appreciations from the very bottom of an exchange rate cycle, it is as unrealistic to imply that the bottom of the cycle is in some way the norm as it would be to imply that the top of the cycle is the norm.
Financial institutions are expected to amplify their efforts to develop innovative services tailored to customer needs, thus supporting economic activity.