Fed rate hike positive for New Zealand economy: finance minister

WELLINGTON: New Zealand’s finance minister said on Thursday the US Federal Reserve’s decision to raise interest rates is positive for his country’s economy and that it would likely cause the New Zealand dollar to fall over time.

“Although it’s largely already been built in by the market, it’s good news for our economy because it’s a sign of US strength,” Finance Minister Bill English told Reuters.

“We would expect the NZ /US exchange rate would fall gradually over time in response to this.”

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