The bank manages monetary policy to maintain price stability, promotes the maintenance of a sound and efficient financial system and supplies New Zealand banknotes and coins.
The European sovereign debt crisis and Canterbury earthquakes were two bad jolts to the New Zealand economy in 2011, but the economy and financial system have the capacity to weather such shocks, Reserve Bank Governor Alan Bollard said today.
The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 2.5 percent.
In early 2012, Payments New Zealand will be implementing a new method of settling inter-bank retail transactions. The Reserve Bank has today announced a short-term measure to assist with the introduction of the new system.