The RBNZ has noted that "the Secretary to......>

RBNZ: The RBNZ has noted that "the Secretary to the Treasury, Gabriel Makhlouf,

has accepted Reserve Bank Governor Adrian Orr's invitation to attend monetary

policy deliberation and decision meetings as an observer from the end of this

month. Mr Orr extended the invitation to deepen Mr Makhlouf's understanding of

the process leading into a monetary policy decision, with the aim of ensuring a

smooth transition to a new monetary policy framework. This invitation comes

ahead of the proposed creation of a formal Treasury observer position in the

Reserve Bank of New Zealand (Monetary Policy) Amendment Bill. This Bill is

currently being considered by the Finance and Expenditure Committee. As outlined

in his letter to the Governor, Mr Makhlouf recognises and respects the highly

confidential nature of these meetings. Mr Makhlouf's letter outlines how he

intends to manage issues related to confidentiality, and any actual or perceived

conflicts of interest. The letter also details how Mr Makhlouf will avoid any

perception of conflict in relation to his statutory responsibility for the

Treasury's debt management function."