Date: 16 October 2018

Secretary to the Treasury invited to observe monetary policy meetings

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.

Related information

• Invitation from RBNZ Governor to Gabriel Makhlouf

• Response letter from Gabriel Makhlouf to Reserve Bank Governor

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