Reserve Bank committed to supporting economic growth

Release date
27 June 2014

The Reserve Bank's Statement of Intent (SOI) for 2014-2017 emphasises the Bank's commitment to supporting economic growth in New Zealand, Governor Graeme Wheeler said when releasing the SOI today.

The Reserve Bank contributes to economic growth by targeting price stability, a sound and efficient financial system, and meeting the public's currency needs.

"The Bank has been one of the catalysts for the current economic expansion," Mr Wheeler said. "Five years of stimulatory interest rates moderated New Zealand's recession in 2008 and 2009 and provided a platform for the current economic recovery.

"We will continue to do our part to ensure economic growth is sustainable by running monetary policy so that we avoid the damaging impact of high inflation on competitiveness, real incomes and output growth."

The SOI outlines the Bank's priorities for the next three years, framed around three themes: continuing to strengthen the Bank's performance; developing a more integrated approach to policy; and improving infrastructure and reducing enterprise risk.

"These priorities are designed to best position the Bank to face the challenges ahead. For example, we are continuing to build our understanding of the interface between monetary and macro-prudential policies; we are strengthening the security features in our banknotes; and we are conducting a stocktake of prudential regulation to see where there could be more efficiency and clarity.

"The Reserve Bank faces a full agenda in the years ahead as it seeks to support the New Zealand economy and financial system for sustainable expansion," Mr Wheeler said.

Media Contact:
Mike Hannah, Head of Communications
Ph 04 4713671, 021 497 418, mike.hannah@rbnz.govt.nz