The Reserve Bank of New Zealand has rejected Labour Party suggestions it should do more to deliver a more exporter-friendly exchange rate.
Labour MPs used the bank's annual review at Parliament on Wednesday to try to get support for the party's new economic policy.
Finance spokesperson David Cunliffe asked Reserve Bank governor Alan Bollard if he was considering following other countries in intervening in currency markets.
Dr Bollard said the Reserve Bank was watching interventions in foreign exchange markets in countries such as Japan and Switzerland.
He says those central banks are nursing large losses from the interventions and the same could happen in New Zealand.
Deputy governor Grant Spencer says bringing down the currency would mean spending a lot of money, without any guarantee of success.