RBNZ welcomes reformed governance framework

Overhaul of the central bank law paves way for new decision-making body

Photo: Rachael King

The Reserve Bank of New Zealand says it “welcomes” the passage of a new central bank law that will change the way the organisation is governed.

New Zealand’s parliament passed the Reserve Bank Act 2021 on August 10. Among other changes, the law establishes a governing board at the RBNZ that will take all decisions apart from those on monetary policy.

The new act reforms parts of the previous, 1989, act. “As a central bank, our mandate has expanded significantly in the 30 years since the RBNZ

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