RBNZ say new inflation accord must keep continuity

NEW ZEALAND - Any changes to the Reserve Bank of New Zealand's inflation-fighting agreement should consider the benefits of continuity of monetary policy, the central bank said Friday.

The Reserve Bank said in a briefing paper for the incoming Government that the two parties negotiating the next Policy Targets Agreement (PTA) should be mindful of its effects over time.

"Continuity is never an absolute virtue, and flexibility is an intrinsic part of the framework, but it is desirable to provide

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