Reserve Bank interventions

Kiwi Trader blogs that the Reserve Bank has revealed it sold $702 million of NZ$ in June.

The dollar is now at a lower level than when they intervened so on paper they are up, but I doubt they have replenished all their reserves yet.

I never thought the RBNZ would lose money on the interventions. My concern is that the interventions wouldn’t work, and there is little evidence that they did. The first one had a very temporary effect but the dollar still rose 5c about that level before other forces brought it back down.