Mr Peters wasted no time in getting stuck into the central bank which he said needed to take lessons from the Bank of Canada on how to surprise the markets.
Reserve Bank governor Graeme Wheeler held the official cash rate at 3.5% but indicated a rate cut was possible in the future, sending the New Zealand currency plunging more than a US1c in two hours.
Last week, the Bank of Canada surprised the market by cutting its official lending rate.
Mr Peters said the Bank of Canada and the European Central Bank had done much more to help the kiwi than anything the ''incompetent'' Government had done.
''The Reserve Bank Act is being used like a club. The OCR has nothing to do with Greymouth but everything to do with Grey Lynn. Why should the regions, farmers and exporters pay the price for policies better described as `ponzinomics'.
''The Government is chucking the economic kitchen sink at Auckland which is only sucking provincial New Zealand drier than the current drought.''
The Reserve Bank Act must make exporting, growth and employment objectives a vital part of the policy target agreements, Mr Peters said.
