Rakon asks for stability in exchange rates
Expressing concerns over the frequent currency fluctuations in New Zealand, Technology exporter Rakon said that dollar's instability has been hurting the country's export-based prospects. The company may shift more of its manufacturing to other nations, if the trend continues in coming days.
The representatives of the company, addressing the shareholders at annual meeting, said that overall position of business is quite sound, but uncertain NZ exchange rates against US dollar may force it to shift more manufacturing offshore.
Rakon chairman Bryan Mogridge asked for collective efforts to check the trend, bringing stability in the exchange rates. The official added, "There has to be a way we can selfishly bring some stability to this see-saw. I have no instant pudding answer but I do know that what we are currently doing isn't working and we need to urgently re-examine our goals and find new New Zealand focused solutions."
He observed that dollar volatilities are making it difficult for the company to make sensible strategic decisions.
NZ dollar had moved from US80c to US50c to US68c in the last year, adversely affecting the export-oriented business.
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