2008 Worst Year for New Zealand Dollar Ever
January 2, 2009 New Zealand Finance
The year 2008 saw the highest fall in the value of the New Zealand dollar against the U.S. Dollar.
Amidst world financial crises in 2008, the New Zealand Dollar (also known as the Kiwi) saw itself both at the highest levels it has reached in the last 23 years and experiencing the biggest drop of its lifetime. On March 14th, the New Zealand Dollar was traded at 82.13 U.S. cents to the dollar. On the 31st of December 2008, the Kiwi was trading at 57.93 cents U.S. Almost a 30% drop.
According to New Zealand Prime Minister John Key, in an interview conducted on the 7th of December, the New Zealand Dollar could even dip below the 50 cent mark in 2009. While according to calculations done by Bloomberg, based on the average forecast of 39 different financial institutions, the Kiwi will drop to 52 cents in the second quarter of 2009, and raise back to 55 cents by the end of the year.