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New Zealand’s (NZ) Finance Minister Grant Robertson has agreed to a new five-year funding agreement with Governor Adrian Orr, the Reserve Bank of New Zealand (RBNZ) said in a statement on Friday.

The RBNZ added that the new agreement will provide the bank with an annual average of NZD115 million a year for its operations over the next five years.

Market reaction

On the above announcement, the kiwi dollar extends gains versus the greenback. NZD/USD gains 0.30% to trade at 0.6445, having hit a daily high of 0.6450 in the last minutes.