Foreign reserves

The Reserve Bank of New Zealand Act enables the Reserve Bank to intervene in the foreign exchange market and requires the Reserve Bank to hold foreign exchange reserves to provide the capacity to intervene.
Background documents
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These papers have been prepared to brief the incoming Minister of Finance on the role and functions of the Reserve Bank of New Zealand. The papers are also intended to be a useful briefing for other interested parties.
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These materials relate to the Government's 2004 decision to increase foreign reserves and to provide the Reserve Bank with the capacity to use foreign exchange intervention as an additional monetary policy tool.