RBNZ Response To Monetary Policy Review Announcement

Reserve Bank Governor Don Brash said the announcement made today by the Treasurer that "The Government has cross-party support for a series of minor changes to the Reserve Bank Act arising out of the Svensson Review of the Operation of Monetary Policy" was very welcome.

Dr Brash said "Indeed, as the Treasurer points out, political consensus and stability are important in terms of the governance arrangements that apply to central banks. The changes, as proposed, are in my view sensible, in accord with the spirit and intent of the Reserve Bank of New Zealand Act 1989, and workable.

"I look forward to assisting in the legislative process and believe we have the basis for continuing to provide New Zealand with best-practice central banking for many years to come," Dr Brash concluded.

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