HONG KONG — For many countries, inflows of cash would be a blessing. But incoming money has proved to be too much of a good thing in parts of the Asia-Pacific region, pushing currencies to uncomfortably high levels just as economic growth is tapering off.

For many months, policy makers across the region have deployed a range of tools to try to dampen the adverse effects that can come when too much money flows into an economy. The latest example came Wednesday, when the central bank in New Zealand confirmed it had been selling New Zealand dollars on the currency markets in recent weeks to try to stem the sharp rise the kiwi has staged over the past two years.

The central bank governor, Graeme Wheeler, speaking in regular twice-yearly testimony to Parliament, did not say how much money had been deployed. Still, the acknowledgement spotlighted the discomfort that is being felt in the many parts of the region that have seen their currencies soar over the past few years.

On Tuesday, the central bank in Australia hinted at its unease with the Australian currency’s strength — the Australian dollar is hovering near multiyear highs — which it cited as an important reason for an interest rate cut that took borrowing costs in the country to a record low.