18 Oct 2012

Winston Peters' Reserve Bank bill defeated

7:45 pm on 18 October 2012

A member's bill to make the Reserve Bank take more account of the exchange rate has been defeated in Parliament.

New Zealand First leader Winston Peters' bill would have changed the Reserve Bank's focus on being almost solely on inflation.

Mr Peters said it was vital so the exchange rate could be lowered, taking pressure off the export sector.

National, ACT and United Future opposed the bill.