Money and Cash Directorate – Tari Moni Whai Take
The Money and Cash Directorate – Tari Moni Whai Take was established in 2020 to lead our stewardship mandate for money and cash and the broader currency system.
A governor-level payments and currencies committee provides strategic oversight to this work.
Our te reo Māori name translates roughly as “the directorate bringing your money that’s fit for purpose” which neatly sums up our diverse work streams.
Read Ian Woolford — our Director's biography
From the future of cash to the future of money, and now payments
We established the directorate based on the significant policy and operational issues identified in the future of cash work over the previous years. This work focused on understanding:
- the importance of cash
- the effects of lower cash use for New Zealanders
- effects on the cash system, including for our own vaulting operations.
Our thinking has broadened from the future of cash to the future of money, and now to the payment systems which support money's use.
Read our explainer Why are we looking at the future of money?
Our policy priorities
- Develop our approach to stewardship across our money and cash work
- Decide if a central bank digital currency is right for Aotearoa New Zealand
- Think about any issues from new forms of private money such as stablecoins
- Develop options for an efficient and sustainable future of the cash system.
- Seeking improvements in payment systems to better support the use of money and its pivotal roles in the financial system, economy, and society.
Transforming our work
We are looking at ways to transform our work we do to put cash into circulation, store and trade it with banks, and keep a check on quality and authenticity.
We are working with the cash industry to improve data and information collection and use, and to identify and measure system-level indicators of risk and resilience for the cash system.
We are reviewing our current ESAS (Exchange Settlement Account System) access policy and criteria.
We continue to closely monitor and support the availability of cash and cash services for the public.