The Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr said in a statement on Friday, "the tide is going out on international banking services for Pacific Island nations, which could make a trade, investment and sending money home more difficult and expensive.”
Additional comments (via Reuters)
"Now is the time for New Zealand banks to act with courage to keep providing banking services, including money remittances, to the Pacific Islands.”
"These banking relationships are vital to the economic prosperity of Pacific nations.”
Market reaction
NZD/USD stalls its recovery from weekly lows of 0.6959, now trading at 0.6968, down 0.12% on the day.