Money and Cash Department – Tari Moni Whai Take
The Money and Cash Department – Tari Moni Whai Take – was established in mid-2020 to lead the Reserve Bank’s stewardship mandate for money and cash and the broader currency system. A new governor-level Payments and Currencies Committee provides strategic oversight to this work.
Establishing the Department builds 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 and the implications of falling cash use for New Zealanders and for the cash system, including the Bank’s own vaulting operations.
Our thinking has now broadened from the Future of Cash to the Future of Money. Policy priorities are to develop our approach to stewardship across our money and cash work, explore the potential for a Central Bank Digital Currency to support the monetary system, consider any issues from new forms of private money such as stablecoins, and develop options for an efficient and sustainable future of the cash system.
We are also looking at ways to transform our operations for putting cash into circulation, storing and trading it with banks, and keeping 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 preparing to develop authenticity and quality standards for bank note processing machines in the private sector, enabled by the Reserve Bank of New Zealand Act 2021.
We continue to closely monitor and support the availability of cash and cash services for the public.
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