Immigration pressure causes concern in New Zealand
The rapid rise in the number of immigrants choosing New Zealand as a place in which to make a new home has become a cause for concern. Economists are worried that the pressure being put on housing could result in increased inflation and a hike in interest rates.
Immigration is now at its highest level in a decade with most long-term settlers coming from China. The second highest number of immigrants come from China. Britain, which traditionally supplied most immigrants to New Zealand, has seen a 3.1 per cent decline in numbers.
The Reserve Bank of New Zealand recently pushed its base rate up to 2.75 per cent and other financial institutions are concerned about inflationary pressures. Economists are worried that immigration figures are now exceeding forecasts.
Net immigration figures for the year ending in February show that more than 96,000 people entered the country compared to 67,800 departures. The drop in the number of people moving away from New Zealand is mainly due to Australia becoming a less attractive destination for Kiwis.
The favourite destination for new immigrants last year was Auckland. Canterbury also proved popular with an influx of skilled workers coming in to help with the reconstruction of earthquake ravaged Christchurch.
The NZD exchange rates on 26/03/2014 were as follows: GBP NZD = 1.9272, EUR NZD = 1.6025, USD NZD = 1.1626, AUD NZD = 1.072, CHF NZD = 1.3135, INR NZD = 0.0193, AED NZD = 0.3168, MXN NZD = 0.0886, CAD NZD = 1.0474, ZAR NZD = 0.1088, RUB NZD = 0.0327, . See today's New Zealand Dollar Exchange Rate
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