The Reserve Bank of New Zealand is New Zealand’s central bank. We promote a sound and dynamic monetary and financial system. We work towards our vision by:
Find out how the functions of the Reserve Bank are carried out, and about the structure and services provided.
These reports cover areas of interest such as bank operations and monetary policy.
Ownership of the Reserve Bank of New Zealand (PDF 713KB)
The Reserve Bank of New Zealand has been wholly owned by the New Zealand Government since 1936.
Annual Report 2014 (PDF 2.3MB)
October 2014, Publication
The outlook for the economy continues to be positive. Having peaked earlier in the year, economic growth is forecast to be 3.5 percent in the year to March 2015. Strong employment growth is expected, with the unemployment rate falling to around 5.3 percent. Consumer price inflation should increase to around the midpoint of the 1 to 3 percent target range, but some deterioration in the current account deficit is likely. Governor's Statement. View previous annual reports.
Statement of Intent 1 July 2015 – 30 June 2018 (PDF 960KB)
26 Jun 2015, Publication
The Reserve Bank is required under the Reserve Bank Act (section 162A) to provide a Statement of Intent (SOI) to the Minister of Finance before the start of each financial year. The SOI sets out the objectives for the next three years and the budget for the first year of that period. The SOI also details the Bank’s strategic priorities for the next financial year. View previous statements of intent.
Policy Targets Agreement (PDF 857KB)
September 2012, Publication
The Reserve Bank Act requires that price stability be defined in a specific and public contract, negotiated between the government and the Reserve Bank. This is called the Policy Targets Agreement (PTA). The current PTA signed in September 2012, defines price stability as annual increases in the Consumers Price Index (CPI) of between 1 and 3 percent on average over the medium term, with a focus on keeping future average inflation near the 2 percent target midpoint. View previous agreements.
Funding Agreement, 2015 (PDF 1.11MB)
5 June 2015, Publication
The Reserve Bank’s Funding Agreement is a five-yearly agreement between the Governor and the Minister of Finance that specifies how much of the Bank’s revenues can be retained by the Bank to meet its operating costs, with the remainder going to the government. View previous Funding Agreements.
Briefing to the Incoming Minister 2014 (PDF 3.5MB)
November 2014, Publication
This paper was prepared to brief the incoming Minister of Finance on the role and functions of the Reserve Bank of New Zealand. The paper is also intended to be a useful briefing for other interested parties.
View previous briefings.
The Reserve Bank’s On the Money series is a collection of useful videos to explain important financial concepts.