Prime Minister Bill English says the kiwi dollar, which is down 4.3 per cent since the Reserve Bank's policy statement in February, is now at a "pretty positive" level for exporters and providing a reasonable balance for the New Zealand economy.
Speaking to media after a pre-budget speech in Wellington, English played down the prospect of managing the currency which potential election kingmaker NZ First leader Winston Peters touched on today in a speech urging a reform of the Reserve Bank Act.
English said nobody had a "serious proposition" in managing the currency, and that even Singapore struggles to do so effectively.
"The currency's at a level which I think a lot of our exporters are finding pretty positive," English said. "If it can run around 70 cents where it is now, maybe a bit lower, that's not a bad balance for New Zealand."
As Finance Minister under his predecessor John Key, English often paid tribute to exporters who had weathered the strong currency during a protracted period of US dollar weakness.
