RBNZ reveals adjustments to ‘tight budgetary framework’
Central bank cuts 15 positions in preparation for new funding agreement
The Reserve Bank of New Zealand (RBNZ) axed 15 positions in preparation for a "tight budgetary framework", according to governor Graeme Wheeler, in its latest annual report, published today (September 28).
Over the next five years the RBNZ will have to keep a tight rein on its running costs, as its budget for operating expenses – excluding currency issuance – will increase by 1.3% each year on average.
This is dictated by the funding agreement the RBNZ has struck with the minister of finance
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