The Reserve Bank of New Zealand (RBNZ) Governor Graeme Wheeler said today:

• The kiwi was still "unjustifiably high";
  
• The strength of the New Zealand dollar was "unjustified and unsustainable";
  
• When the kiwi declines from an unjustified and unsustainable level, the downward adjustment can be large;
  
• The real exchange rate has not adjusted to the recent fall in commodity prices;
  
• "Unjustified and unsustainable are important considerations in assessing whether exchange rate intervention is feasible".