READER REPORT:

The dollar is killing us

DAVE GORDON
Last updated 05:00 02/11/2012
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LOWER THE DOLLAR: The current exaggerated high value of the New Zealand dollar is killing the economy, writes Dave Gordon.

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The current exaggerated high value of the New Zealand dollar (NZD) is killing the economy.

This time 10 years ago the British pound fetched $3.22 dollars whereas it is currently sitting around 1.95, the US dollar fetched $2.07 and is currently sitting at $1.21.

The Chinese Yuan currently costs 25c whereas 10 years ago it only cost 19c.

Work out what this is doing to New Zealand industry. It means in effect that our export market has been crippled and that there is little point in manufacturing anything in New Zealand for export offshore.

When the Chinese have finally managed to copy all of our dairy industry expertise that will be the final nail in the coffin.

The high value of the NZD has also flattened out the growth in tourism, which from 1999 to 2008 grew from 1.5m to 2.5m per year but has stayed at the same number for the past 4 years (the Global Financial Crisis has also played its part).


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