The New Zealand dollar is "wildly out of control" and is crippling exporters, NZ First leader Winston Peters says.
The currency was on Friday trading at a record against the euro and had broken through the 80 US cent mark.
Mr Peters, who was treasurer in the previous National-led government, says the New Zealand dollar is seriously over-valued and everyone from the International Monetary Fund to the governor of the Reserve Bank knows it.
He has drafted a bill to give the Reserve Bank flexibility in the way it deals with the exchange rate but can't get it on parliament's agenda.
The bill can't be debated until it is drawn from the members' bill ballot unless parliament agrees.
Mr Peters has tried that route twice but he's been thwarted by National MPs.
"It begs the question - why doesn't the government want to have a discussion given the crisis we faced?" he said.