The Future of the Cash System - Te Pūnaha Anamata
Status: Public consultation closed on 6 November 2019.
2 October 2019
Cash system participants and the wider public are being asked for their views about the Reserve Bank of New Zealand taking a more active role in the cash system.
A consultation paper has been released today as part of the Bank’s ongoing Future of Cash – Te Moni Anamata programme which is considering the implications for New Zealanders of falling cash use for every-day transactions, including the impacts on the system that supplies, moves and stores it.
The consultation paper proposes that the Reserve Bank take on a stewardship role in the cash system, providing system-wide oversight and coordination. It also proposes two tools which, though not currently required, may be needed in the future to respond flexibly to changes in the cash industry and the evolving needs of the public:
- The Reserve Bank be given the power to set standards for machines that process and dispense cash.
- The Reserve Bank Act set out regulation-making powers that enable the government and the Reserve Bank to require banks to provide access to cash deposits and withdrawals.
Consultation closes on 6 November 2019.