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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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Handbook supports transition to new monetary policy framework

Release date 01 April 2019 New Zealand’s new monetary policy framework, which comes into effect today, is supported by a handbook developed by the Reserve Bank. Recent amendments to the Reserve Bank Act 1989 saw the addition of an employment objective to the Reserve Bank’s long-standing price stability objective, and the creation of a formal Monetary Policy Committee with members from both inside and outside the Reserve Bank. The Monetary Policy Handbook explains...

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New Zealand’s revised monetary policy framework and the imperative for institutional change

Release date 29 March 2019 At a Reserve Bank event in Wellington this morning, the Governor of the Reserve Bank, Adrian Orr, spoke about how the business of central banking is evolving. The event was held ahead of New Zealand’s new Monetary Policy framework taking effect on 1 April 2019. “The changes to how monetary policy is conducted in New Zealand will bring greater transparency and accountability to how we serve society,” Mr Orr said. “The dual inflation and...

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Expertise on Reserve Bank committee means strong focus on economy and jobs

News release issued by the Minister of Finance A new independent decision-making body at the Reserve Bank brings a broad range of experience to important decisions like setting interest rates and how monetary policy can support maximising employment in the New Zealand economy, Finance Minister Grant Robertson says. The members of the new Monetary Policy Committee (MPC) were announced today, delivering on the Coalition Government’s plan to reform and modernise the Reserve Bank Act. “The MPC...

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Official Cash Rate unchanged at 1.75 percent

Release date 27 March 2019 The Official Cash Rate (OCR) remains at 1.75 percent. Given the weaker global economic outlook and reduced momentum in domestic spending, the more likely direction of our next OCR move is down. Employment is near its maximum sustainable level. However, core consumer price inflation remains below our 2 percent target mid-point, necessitating continued supportive monetary policy. The global economic outlook has continued to weaken, in...

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Reserve Bank presented with award for the Bank Financial Strength Dashboard

Release date 14 March 2019 The Reserve Bank has received the ‘Initiative of the Year’ award for the Bank Financial Strength Dashboard at the Central Banking Publications annual awards. Head of Financial System Policy Analysis Toby Fiennes accepted the award on behalf of the Reserve Bank at a ceremony in London overnight. Mr Fiennes said it was a real honour for the Dashboard to be recognised internationally. The award is a deserved tribute to the huge effort...

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Secretary to the Treasury nominated as the Treasury observer on the Monetary Policy Committee

Release date 08 March 2019 News release issued by the Treasury The Secretary to the Treasury, Gabriel Makhlouf, will formally take up the role of the Treasury observer on the Monetary Policy Committee (the MPC) as of 1 April 2019. The MPC and the role of Treasury observer were created by the Reserve Bank of New Zealand (Monetary Policy) Amendment Bill, which received Royal assent on 20 December 2018. In this capacity, Mr Mahklouf will attend meetings of the MPC...

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Safer banks for greater wellbeing

Release date 26 February 2019 Increasing the amount of capital banks must have would help to improve the safety of New Zealand’s financial system and wellbeing, Reserve Bank Deputy Governor Geoff Bascand said today. The Reserve Bank is currently consulting on a proposal to raise the minimum amount of capital that banks must hold. In a speech today Mr Bascand explained the proposal and the implications for banks and society. The speech was hosted by the Institute...

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Monetary Policy Committee code of conduct approved

Release date 20 February 2019 The code of conduct for the Monetary Policy Committee was approved by the Reserve Bank of New Zealand Board on 19 February 2019. The code sets out standards of ethical and professional conduct that must be adhered to by members of the committee. Together with the charter and remit, the code of conduct is a key component of New Zealand’s new monetary policy framework that takes effect from 1 April 2019. More information Read the...

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Consultation on new mortgage bond standard extended and loan template published

Release date 15 February 2019 The Reserve Bank is extending the consultation period for the proposed mortgage bond standard. The new standard is aimed at supporting confidence and liquidity in the New Zealand markets. Consultation began in November. Following requests from stakeholders, the Reserve Bank has extended the consultation period by two weeks. Feedback is now due by 5.00pm on 8 March 2019. Submissions and a response to submissions will be published soon...

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