What happens when the state steps in
Exchange rate policy does not operate in isolation from the other tools available to the monetary authorities. While the G10 in general adopts a policy of benign neglect as far as FX is concerned, exchange rate movements will affect the efficacy of monetary policy, and at the extremes this can then affect official exchange rate policy.
Indeed, the unprecedented Reserve Bank of New Zealand (RBNZ) intervention was predicated on the impact the Kiwi's last sharp rise had on domestic monetary
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