Oct. 26 (Bloomberg) -- New Zealand doesn’t have much room to bring about a weaker currency to help boost exports, Prime Minister John Key said today. “From our perspective, a lower exchange rate will enable us to promote economic growth faster,” Key said in Putrajaya, outside Kuala Lumpur today, where he is due to witness the signing of a free trade agreement between New Zealand and Malaysia. “But there is not much option for New Zealand to engineer a lower exchange rate.” The Australian and New Zealand dollars have risen for three consecutive weeks on speculation the nations’ central banks will increase interest rates faster than other developed countries. The New Zealand government is “concerned” that the currency has appreciated to a “very high level,” Key said today. New Zealand’s dollar rose 1.8 percent last week against the U.S. dollar after central bank Governor Alan Bollard said a surging currency won’t impede raising borrowing costs. To contact the reporter on this story: Manirajan Ramasamy in Kuala Lumpur at rmanirajan@bloomberg.net

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