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Reserve Bank of New Zealand News Releases
The Reserve Bank of New Zealand is New Zealand’s central bank. We promote a sound and dynamic monetary and financial system.

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Official Cash Rate unchanged at 1.75 percent

Release date 09 November 2017 Statement by Reserve Bank Governor Grant Spencer: The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 1.75 percent. Global economic growth continues to improve, although inflation and wage outcomes remain subdued. Commodity prices are relatively stable. Bond yields and credit spreads remain low and equity prices are near record levels. Monetary policy remains easy in the advanced economies but is gradually...

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Renewed Policy Targets Agreement signed

Release date 07 November 2017 Finance Minister Grant Robertson and Reserve Bank Governor Grant Spencer today signed an unchanged Policy Targets Agreement (PTA), which sets out specific targets for maintaining price stability. The Minister also released today the Terms of Reference for a Review of the Reserve Bank Act. The Policy Targets Agreement, effective immediately, is the same as that signed by Mr Spencer and the previous Finance Minister Steven Joyce, which...

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NZ economy and financial system sound

Release date 29 September 2017 New Zealand’s economy and financial system remain on a sound footing despite continuing challenges in the global environment, according to the Reserve Bank’s Annual Report 2016-17 released today. The 2016-17 financial year saw a pickup in economic activity in most major economies, although inflation and wage pressures remained subdued Supported by improving domestic economic conditions, the New Zealand banking system remains sound...

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Official Cash Rate unchanged at 1.75 percent

Release date 28 September 2017 Statement by Reserve Bank Acting Governor Grant Spencer: The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 1.75 percent. Global economic growth has continued to improve in recent quarters. However, inflation and wage outcomes remain subdued across the advanced economies and challenges remain with on-going surplus capacity. Bond yields are low, credit spreads have narrowed and equity prices are near record levels....

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Reserve Bank introduces revised outsourcing policy

Release date 20 September 2017 The Reserve Bank today published a revised outsourcing policy for large banks. “The revised policy aims to ensure that a bank can continue to operate in a situation where a key service provider fails,” Deputy Governor Grant Spencer said. The revision of the outsourcing policy follows a review by the Reserve Bank, which concluded that greater clarity of the policy and more consistency of application by banks would be desirable to...

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Reserve Bank leasing office space to Defence Force

Release date 04 September 2017 The New Zealand Defence Force has signed a lease to occupy three floors in the Reserve Bank of New Zealand building, beginning later this year. Reserve Bank Head of Currency, Property and Security, Steve Gordon, said that the Defence Force will be the fourth tenant in the building, joining the Parliamentary Counsel Office; Parliamentary Commissioner for the Environment; and the State Services Commission. The Reserve Bank has vacated...

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Reserve Bank policy a key driver in economic performance

Release date 30 August 2017 The Reserve Bank’s monetary policy has been an important driver in the last five years behind above-trend growth in the economy and employment, Reserve Bank Governor Graeme Wheeler said today in a speech. Speaking to the Northern Club in Auckland, Mr Wheeler said that the New Zealand economy has generally performed well in the last five years. “It’s been a remarkable five years, especially with the challenges thrown up by the global...

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RBNZ appoints Assistant Governor, Head of Operations

Release date 29 August 2017 The Reserve Bank has appointed Sean Mills as Assistant Governor and Head of Operations. Mr Mills will take up his appointment on 29 November 2017. He is currently Chief Information Officer at the Department of Corrections. As Assistant Governor and Head of Operations, Mr Mills will replace Deputy Governor Geoff Bascand, who will take up the Head of Financial Stability role on 27 September, when Grant Spencer becomes Acting Governor...

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Inflation targeting practices similar across central banks

Release date 16 August 2017 Inflation targeting practises are similar across many central banks despite significant differences in their formal frameworks, says the Reserve Bank in its latest Bulletin article published today. The Bulletin article titled “An international comparison of inflation targeting frameworks” looks at how New Zealand’s Policy Targets Agreement compares to nine other advanced economy central banks, and how the specifications in each...

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New release video series for Money Week 2017

Release date 14 August 2017 To support Money Week 2017, the Reserve Bank and the Commission for Financial Capability have collaborated in a series of videos to encourage people to better manage their debt and talk more freely about their finances. The videos focus on this year’s Money Week theme of ‘debt’. The videos feature some of the families associated with our banknotes and connects with other pioneering New Zealanders, and the Queen, who appear on our...

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