Monetary Policy Remit amended

The Reserve Bank of New Zealand – Te Pūtea Matua acknowledges the amended Remit for the Monetary Policy Committee (MPC) issued today by the Minister of Finance.

The MPC Remit sets the operational objectives for monetary policy. The amended Remit retains an inflation target of 1% to 3% over the medium-term, with a focus on the 2% mid-point, and removes the objective to support maximum sustainable employment.

This amendment was announced today by the Minister of Finance Nicola Willis following consultation with the Reserve Bank.

“The amendment is consistent with advice the Reserve Bank has given in the past and helps to reiterate our focus on achieving low and stable consumer price inflation,” Board Chair Professor Neil Quigley says.

The amendment is also consistent with the views expressed by the Reserve Bank in our recent Monetary Policy Committee Remit Review.

Alongside the new Remit, the MPC has also agreed to changes to the MPC’s Charter with the Minister of Finance. The Charter sets out decision-making processes and transparency requirements for the MPC. 

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