The Green Party has obtained documents showing the Governor of the Reserve Bank expressed concern to his own board nearly three years ago about the effects of the high dollar on the economy.
The papers show Alan Bollard told fellow directors in 2009 that the high level of the dollar would make it difficult to develop much-needed export earnings.
Green Party co-leader Russel Norman says the currency has risen 20% further since then, and that is an indictment of both the bank and the Government.
Dr Norman backs following other countries that have printed money since the global financial crisis to help make their exporters more competitive.
However, currency strategist Derek Rankin says there is no proof that printing money would work.