New Zealand central bank suggests change to mandate

RBNZ says mandate could prioritise price stability and drop housing requirement

The Reserve Bank of New Zealand
Photo: Rachael King

New Zealand’s central bank has proposed that the government change its current dual mandate to make price stability its top goal.

The Reserve Bank of New Zealand also suggested undoing a recent change to its remit made by the current Labour government. The change, made in early 2021, required the RBNZ to assess how its monetary policy decisions affect government policy to support more sustainable house prices.

The RBNZ said it did not, as an initial response, support raising its inflation

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