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Future of money

Te moni anamata

This page outlines our work as steward of the money and cash system.

Our role as steward of the money and cash system in New Zealand

Out role as steward of the money and cash system involves ensuring that the money we issue as a central bank continues to enjoy trust and confidence, and promotes financial and social inclusion. It also involves ensuring New Zealanders have access to money in forms that meet their changing needs and considers issues relating to innovation in money and payments, including the potential for a central bank digital currency.

Our 2021 issues papers

In September 2021, the Reserve Bank of New Zealand – Te Pūtea Matua initiated a comprehensive public consultation, The Future of Money – Te Moni Anamata – building on an earlier cash-focused work programme.

The first two papers, published in September 2021, explored the stewardship role of the Reserve Bank in relation to money and cash, and the issues and a proposed approach to developing a Central Bank Digital Currency (CBDC). The third paper was published in November 2021, and it set out issues and high-level options available for redesigning the cash system.

Submissions on the first two papers closed on 6 December 2021, and on 7 March 2022 for the third paper.

The three consultations were published early in a multi-year work programme that will include further public consultation as options are narrowed and critical decision points near. A significant amount of work remains to be done on policy development:

  • clarifying the stewardship role;
  • further exploring the case for designing a CBDC; and
  • redesigning the cash system to extend its future to meet need and demand.

Overall, the high level of engagement from members of the public indicates that New Zealanders care deeply about the future of money. The valuable insights gathered through the recent consultations will help us prioritise and plan what will be a complex, comprehensive future work programme. This document summarises the key themes in the feedback received.

Read the Future of Money | Te Moni Anamata – Summary of responses to our 2021 issues papers (PDF 1.3MB)

Read the public responses to our 2021 issues papers