The Reserve Bank of New Zealand is New Zealand’s central bank.
We promote a sound and dynamic monetary and financial system. We work towards our purpose,
vision and values by
-Assisting
the functioning of a sound and
efficient financial system
-Overseeing
and operating effective payments systems
-Providing
effective support services to the Bank
The Reserve Bank manages monetary policy to
maintain price stability, promotes the maintenance of a sound and efficient
financial system, and supplies New Zealand banknotes and coins.
The Reserve Bank of New Zealand’s monetary policy
decisions rests in the hands of the Central Bank Governor. Unlike other Central
Banks that we have discussed, the RBNZ does not have a formal monetary policy
committee. Instead the Governor has exclusive power of monetary policy
decisions. The RBNZ has an inflation target of 1.5% per year, and the current
governor Alan Bollard, is responsible for meeting that objective.
The Bank and it’s functions
The Reserve Bank is required to ensure that,
throughout the economy, money works as well as possible as a mechanism for
making transactions, storing value, and keeping account. The Bank also promotes
a sound and efficient financial system. To fulfil these functions, the Bank
carries out a wide range of tasks, from operating monetary policy to monitoring
and supervising the health of the financial system, maintaining foreign
reserves, operating in the financial markets if necessary, and issuing currency
as required. To do this, we have defined the vision and values by which we operate.
Board of Directors
The Reserve Bank has a Board of Directors whose primary function
is to review the performance of the Governor and the Bank. The Board holds
regular meetings at which it receives extensive briefings on the Bank’s
activities, decisions and policies. At these meetings the Board also provides
advice to the Governor.
The Board, through an Audit Committee, also reviews the Bank’s
financial statements. Each year the Board writes an assessment of the Bank’s
and the Governor’s performance, which is provided as advice to the Minister of
Finance and made public later in the Bank’s Annual Report.
Monetary Policy External Advisers
These roles are appointed to assist the Governing Committee in
fulfilling the Reserve Bank’s obligations in respect of price stability under
the Reserve Bank of New Zealand Act 1989 (the Act) and any Policy Targets
Agreements (PTA) created pursuant to the Act. Monetary Policy External Advisers
are required to provide advice on monetary policy matters, and in a manner
consistent with the objectives established by the Act and the PTA.
The Reserve Bank releases information
Official Cash Rate (OCR), Monetary Policy
Statements and Financial Stability Reports
The Reserve Bank releases information
Official Cash Rate (OCR), Monetary Policy
Statements and Financial Stability Reports
The Bank publishes Monetary
Policy Statements every
quarter, Official Cash Rate (OCR) announcements every six weeks, and Financial Stability Reports twice a year.
All upcoming announcements and publication release dates are
listed at the bottom of the homepage.
At 9:00am (NZST) on the day of release the Bank publishes it
statement via its pages on Bloomberg and Thomson Reuters terminals.
Once the information has been pushed on Bloomberg and Thomson
Reuters, the OCR and news release are published on our homepage. We also tweet
a link to the media release via our Twitter channel.
Soon after 9am we email the news release to our email
subscribers. Remember it can take a few minutes for the email to arrive in your
inbox. You can sign up via the email sign-up page to be emailed Bank
news releases.
Live-streams of media conferences
The Bank hosts a media conference at 10am on the days it
releases Monetary Policy Statements,
and 11am on the days it releases Financial
Stability Reports. You can watch a live-stream of these media
conferences.
A replay of the media conference, and a highlights video, are
uploaded to the Bank’s YouTube channel within a few hours of the media
conference finishing.
The Bank does not host media conferences for Official Cash Rate
announcements.
News releases
The Bank issues news releases on a range of topics throughout
the year.
Bank news releases are published in the news section and on the
homepage. We also tweet a link to the media release via our Twitter channel and
email our news release subscribers. You can sign up via the email sign-up page
to be emailed Bank news releases.
Statistics
The statistics calendar allows you to see what dates economic
and financial data produced by the Reserve Bank is released. The Bank’s
statistics are published at 3pm each day.
If you do not know the name of the statistical series you are
looking for, try searching the directory of statistics tables.
We also have a handy guide which explains how to use the Reserve
Bank Statistics pages and interpret the data.
Speeches
The Bank gives more than 120 presentations to business groups
and organisations throughout the year. Speaking events are usually hosted by
other organisations, and are often invitation-only or closed to the public.
Most of these speaking events are off-the-record and focus on recently
published information.
The Reserve Bank will advise of upcoming on-the-record speeches
where possible. If you would like to know what public speeches are coming up –
check the upcoming public speech releases, or sign up to be sent speech
advisory email alerts.
Published speeches are normally accompanied by a news release.
We share a link to the news release via our Twitter channel, we update the
speeches section, and send the news release to our email subscribers. You can
sign up via the email sign-up page to be emailed Bank news releases.
Official Information Act request responses
The Bank publishes responses to Official Information Act
requests in order to improve public transparency and provide an additional
resource for anyone seeking information. Publication online will coincide with
or follow soon after release to the requester.
Articles and research
We publish articles by Reserve Bank staff in the Bulletin, which canvasses a
wide range of issues related to central banking, the financial system and the
New Zealand economy.
Reserve Bank discussion papers present detailed scholarly
research by staff economists and visiting scholars. The papers are published
throughout the year, mainly for academic and professional economists.
The Analytical
Notes series
encompasses a range of background papers prepared by Reserve Bank staff. Unless
otherwise stated, views expressed are those of the authors, and do not
necessarily represent the views of the Reserve Bank.
(Source: https://www.rbnz.govt.nz)
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