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RBNZ Welcomes The Passing Of New Legislative Foundations

RBNZ

The RBNZ says in a statement that it "welcomed the passing of new legislative foundations that will strengthen and modernise the way it operates and is governed," following the adoption of the Reserve Bank of New Zealand Act (RBNZ Act) 2021, which "replaces the parts of the RBNZ Act 1989 that relate to the organisation's high-level objectives, powers, functions, governance, and funding arrangements".

  • "Key changes include the appointment of a new statutory Governance Board, whose work will start in mid-2022. The Board will be responsible for all decision-making except those related to the Monetary Policy Committee (MPC). The Governor remains chair of the MPC and will also sit on the future board."
  • Click to see the full statement.
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