Reserve Bank chair welcomes next steps in Bank’s modernisation

The Reserve Bank has welcomed the release of in-principle decisions relating the Review of the Reserve Bank Act and is encouraging submissions in the consultation process.

The Ministers’ in-principle decisions and second set of consultation papers relating to Phase 2 of the Review were released today.

Reserve Bank Board chair Professor Neil Quigley said he is pleased with the direction of travel of the review. “The Bank is already moving in the direction reflected by the in-principle decisions, by investing in more regulatory capability and developing strategies and governance structures ready to support the future direction.”

“Financial stability is important for improving the wellbeing of all New Zealanders, and the regulatory framework is a key factor in this. The consultation process is important in shaping the Reserve Bank’s role and responsibilities, and we would encourage submissions and engagement.”

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