“The tide is going out on international banking services for Pacific Island nations,” RBNZ Governor Adrian Orr said in a statement on Friday, “which might make trade, investment, and transferring money home more difficult and expensive.”
“Now is the time for New Zealand banks to show fortitude and continue to provide banking services to the Pacific Islands, particularly money remittances.”
“These banking links are critical to Pacific nations’ economic growth.”
The New Zealand dollar has stalled its rebound from weekly lows of 0.6959, and is now trading at 0.6968, down 0.12% on the day./n
