"Otago is one of our prime export-based regions and while some of our export sectors are in reasonable shape, a chronically overvalued dollar is hurting all exporters," he said in a speech delivered in Dunedin.
Even the jewel in the crown - the export sector - was estimated to have lost about $1 billion in income from an overvalued dollar in the season just finished.
"For many of our exporters, the high dollar is a death sentence."
The evidence was compelling, Mr Peters said. Each week, businesses were closing or going offshore and something had to be done.
Next week, he would address a summit in Auckland convened by the Engineering, Printing and Manufacturing Union to address the crisis facing the country's manufacturing and exporting sectors and the escalating job losses.
On October 17, NZ First's Private Members Bill to amend the Reserve Bank Act was scheduled for introduction into Parliament.
There was no valid reason for any party in Parliament to oppose the Bill, Mr Peters said.
When the Bill was before a select committee, the whole country could have its say on the issue which was of fundamental importance to New Zealand's economic future.
NZ First was the political party with a solution at hand which was capable of quickly becoming law.
"The future of New Zealand exporting, and particularly the production of provinces such as Otago, was critically dependent upon action to combat our overvalued dollar," Mr Peters said.
