Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Statement of Intent Outlines RBNZ’s Priorities

The Reserve Bank's commitment to price and financial stability in an uncertain global environment is underlined in the Bank's Statement of Intent (SOI) for 2017-2020.

The Reserve Bank supports economic growth by targeting price stability, promoting a sound and efficient financial system, and meeting the public's currency needs.

The SOI, signed off on 16 June, outlines the nature of the Bank’s work programme over the next three years. The Bank’s nine strategic priorities are framed around three themes: enhancing the Bank’s policy frameworks; continuing to strengthen the Bank’s internal and external engagement; and improving infrastructure and reducing enterprise risk.

"The outlook for New Zealand’s economic growth remains positive, albeit with considerable uncertainty remaining, especially internationally,” Governor Graeme Wheeler said.

"We are working to deepen the Bank’s understanding of the evolving conditions affecting the New Zealand economy and their implications for monetary policy.”

The New Zealand financial system remains sound and continues to perform its functions effectively. The International Monetary Fund’s Financial Sector Assessment Programme (FSAP) review has provided useful input for the on-going development of the Reserve Bank’s prudential regime.

“We will review key elements of the prudential policy framework to better meet the Bank’s soundness and efficiency objective,” Mr Wheeler said.

The Bank will also review the macro-prudential policy framework in line with the five-year requirement set out in the Memorandum of Understanding between the Bank and the Minister of Finance.

“Throughout, the Bank will maintain a high level of engagement with its stakeholders and communicate widely on its policies, their rationale and impacts. The Bank will monitor the effectiveness of engagement through an External Stakeholder Engagement survey in 2018.”

As well as working to complete the implementation of replacements for the Exchange Settlement Account System (ESAS) and the securities settlement and depository system (NZ Clear) – both enhancements to the payments system – the Bank will also be implementing the roadmap for best-practice management of its balance sheet and finances.

The SOI outlines other key projects, including improving the resilience of the Bank’s operations and developing a plan for the future custody and distribution of currency.

"We continually seek to strengthen our performance and we believe these strategic priorities position the Bank well to face the challenges ahead,” Mr Wheeler said.

More information:

Read the Statement of Intent for 2017-2020


© Scoop Media

Business Headlines | Sci-Tech Headlines


Water: Farming Leaders Pledge To Help Make Rivers Swimmable

In a first for the country, farming leaders have pledged to work together to help make New Zealand’s rivers swimmable for future generations. More>>


Unintended Consequences: Liquor Change For Grocery Stores On Tobacco Tax

Changes in the law made to enable grocery stores to continue holding liquor licences to sell alcohol despite increases in tobacco taxes will take effect on 15 September 2017. More>>

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>


By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>


Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>


Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>