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Briefing on the Reserve Bank of New Zealand

November 1999

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Contents

Introduction

1. Institutional arrangements

1.1 Statutory functions
1.2 Governance of the Reserve Bank
1.3 Organisation of the Bank
1.4 Financial and risk management

2. Monetary policy

2.1 The statutory framework
2.2 Monetary policy and economic growth
2.3 Inflation targeting
2.4 The recent business cycle

2.5 On-going issues

3. Financial system stability

3.1 The statutory framework
3.2 The state of the banking industry
3.3 Current issues in bank supervision
3.4 Current issues in the payment system

3.5 Year 2000

4. Other functions and activities

4.1 Reserve Bank Registry and Austraclear operations
4.2 Foreign reserves management
4.3 Currency issue and management
4.4 International relations
4.5 Government debt management
4.6 Overseas Investment Commission Secretariat

Appendices

Appendix 1: Funding Agreement
Appendix 2: Policy Targets Agreement (1997)