2 Feb 2013

Impact of high dollar acknowledged by PM

5:43 am on 2 February 2013

Prime Minister John Key says he accepts the high New Zealand dollar is putting pressure on manufacturers.

But he's optimistic about the economy, saying the Government is putting in place the conditions needed to create jobs.

Summit Wool Spinners at Oamaru is being sold and 192 employees are to lose their jobs. The move has been driven by a number of factors, including an unfavourable exchange rate.

Mr Key said on Friday the dollar is too high, but New Zealanders should not be gloomy about the economy.

He said the Government is committed to putting in place the conditions needed to help the economy grow.