Secretary to the Treasury nominated as the Treasury observer on the Monetary Policy Committee
News release issued by the Treasury
The Secretary to the Treasury, Gabriel Makhlouf, will formally take up the role of the Treasury observer on the Monetary Policy Committee (the MPC) as of 1 April 2019. The MPC and the role of Treasury observer were created by the Reserve Bank of New Zealand (Monetary Policy) Amendment Bill, which received Royal assent on 20 December 2018.
In this capacity, Mr Mahklouf will attend meetings of the MPC as a non-voting observer. His role will be to support decision making by the MPC (for example by sharing information on fiscal policy), and facilitate co-ordination of monetary and fiscal policy.
At Reserve Bank Governor Adrian Orr's invitation, Mr Mahklouf has already been attending monetary policy deliberation and decision meetings as an observer since October 2018, in preparation for formally taking up the role. The arrangements regarding confidentially and conflicts of interest agreed to as part of this invitation will remain in place.
- MPC Nomination letter from the Secretary to the Treasury (PDF 414KB)
- MPC Response from the Governor of the Reserve Bank (PDF 422KB)