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 Reserve Bank today released its response to submissions (PDF 207KB) and a paper summarising its final policy position (PDF 305KB) following the public consultation on its macro-prudential policy framework which took place in March and April.
The Minister of Finance, Hon Bill English, and Reserve Bank Governor, Graeme Wheeler, have signed a Memorandum of Understanding on Macro-Prudential Policy, as announced today in the Government's Budget Statement.
While the financial system remains sound, developments in private sector credit and the housing market point to increasing risks to financial stability in New Zealand, Reserve Bank Governor Graeme Wheeler said today, when releasing the Bank's May 2013 Financial Stability Report.
The Reserve Bank today left the Official Cash Rate (OCR) unchanged at 2.5 percent.