New Zealand rejects RBNZ’s call for single price-stability goal

Updated central bank remit retains twin goals of price stability and maximum sustainable employment

Photo: Rachael King

The New Zealand government has kept its central bank’s dual mandate largely intact following a review, rejecting the central bank’s proposal to make price stability its top goal.

Finance minister Grant Robertson issued a new remit for the Reserve Bank of New Zealand’s monetary policy committee (MPC) on June 27, following a review that began in June last year. The remit takes effect today (June 28).

Under current laws, the RBNZ is required to advise the finance minister on possible changes to

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