16 Oct 2010

NZ dollar could stay high for awhile - English

7:30 am on 16 October 2010

Finance Minister Bill English says the New Zealand dollar could remain high for another 12 - 18 months.

The New Zealand dollar hit a one-year high earlier this week.

At 5.10pm on Friday, it was trading at 75.73 US cents, 76.38 Australian cents, 47.35 pence, 61.65 yen and 0.5398 euro. The Trade Weighted Index was at 66.92.

Mr English says the Government's books show the economy is shifting away from spending to saving and robust export prices should help to drive growth in the future.

But, he says, the high New Zealand dollar is likely to be a headwind for a while yet.