RBNZ faces calls to dilute governor's power

new-zealand

New Zealand's Green Party yesterday introduced a bill that could see major changes to the way the Reserve Bank of New Zealand (RBNZ) conducts its monetary policy.

If passed, the bill would make the Reserve Bank Board responsible for setting monetary policy, and make it mandatory for the RBNZ to publish the minutes of its meetings within 14 days.

Russel Norman, the MP who proposed the bill, described the current system as "antiquated". "It leads to poorer decisions, decisions that do not reflect

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