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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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Updated weights for Trade-Weighted Index

Release date 12 December 2019 The annual re-weighting of the Trade-Weighted Index (TWI) takes effect on Friday 13 December 2019. The TWI is a measure of the value of the New Zealand dollar relative to the currencies of New Zealand’s major trading partners. There are 17 currencies included in the TWI and each currency is weighted using the country’s two-way goods and services trade with New Zealand. The new weights will be applied going forward. The historical...

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Reserve Bank requires improvements to ANZ New Zealand’s director attestation processes

Release date 12 December 2019 The first of two Section 95 reports requested from ANZ New Zealand (ANZ) has been completed with the findings showing that further improvements are required to ANZ’s director attestation processes. In June 2019 the Reserve Bank requested a report on ANZ’s Director Attestation and Assurance framework, under section 95 (s95) of the Reserve Bank of New Zealand Act 1989. ANZ engaged Deloitte, with the approval of the Reserve Bank as per...

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Reserve Bank alerting of phone call scam

Release date 06 December 2019 The Reserve Bank is alerting the public of what appears to be an automated phone call scam randomly targeting members of the public. The scam call, purportedly from the Reserve Bank, plays a pre-recorded message saying that the receiver has “an important customer message from the Reserve Bank of New Zealand.” If the receiver stays on the call, a real person takes the call on the other end and proceeds to start talking in a foreign...

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Higher bank capital means safer banking system for all New Zealanders

Release date 05 December 2019 The Reserve Bank of New Zealand today released its final decisions following its comprehensive review of its capital framework for banks, known as the Capital Review. Governor Adrian Orr said the decisions to increase capital requirements are about making the banking system safer for all New Zealanders, and will ensure bank owners have a meaningful stake in their businesses. The changes will be implemented over seven years, giving...

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Council of Financial Regulators sets work priorities for 2020

Release date 29 November 2019 The Council of Financial Regulators (CoFR) has announced its work priorities for the coming year. The work programme includes seven separate work streams, each led by one of the CoFR agencies, but involving all the members (alongside other government agencies as necessary) in a coordinated effort to tackle issues that reach across the financial system. The CoFR work streams are as follows: Climate change (led by Reserve Bank of New...

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Reserve Bank acting to bolster financial system resilience

Release date 27 November 2019 Financial system vulnerabilities remain elevated and more effort is required to ensure that the system remains resilient over the longer-term, Reserve Bank Governor Adrian Orr says in releasing the November Financial Stability Report. International risks to the financial system have increased. Global growth has slowed amid continued uncertainty about the outlook for world trade. This has resulted in reductions in long-term interest...

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34th South Pacific Central Bank Governors' Meeting

Release date 25 November 2019 The Reserve Bank of Australia hosted Governors from South Pacific Central Banks[1] on 19–20 November in Sydney on the occasion of the 34th South Pacific Central Bank Governors' Meeting[2]. Following constructive and detailed discussions, Governors agreed the following: as a collective, to prioritise an initial focus on a regional Know Your Customer (KYC) framework this framework would cover governance, technical and legal...

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Reserve Bank looking closely at AUSTRAC’s AML/CFT findings

Release date 20 November 2019 The Reserve Bank of New Zealand is working closely with regulatory counterparts following an announcement about alleged systemic AML/CFT breaches by Westpac Banking Corporation in Australia. AUSTRAC has applied to the Federal Court of Australia for civil penalty orders against Westpac Banking Corporation in Australia. The civil penalty orders relate to alleged systemic non-compliance with the Anti-Money Laundering and...

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Reserve Bank increases its supervision of BNZ

Release date 19 November 2019 The Reserve Bank has increased its supervisory monitoring of the Bank of New Zealand (BNZ) and applied precautionary adjustments to its capital requirements following the identification of weaknesses in BNZ’s capital calculation processes. BNZ identified a number of errors while undertaking a programme of remediation, which began in early 2018 and is expected to continue into 2020. These included three capital calculation errors,...

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Reserve Bank Senior Leadership Changes

Release date 14 November 2019 The Reserve Bank has created a new Auckland-based Assistant Governor position to lead the Bank’s ambitious growth and transformation work, and further develop its people and culture. The new role - Assistant Governor/General Manager, Transformation and People - will be based in the Bank’s Auckland office. It will be responsible for all people and culture, growth and transformation work, as well as building the Bank’s Auckland...

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