30 April 2026 – The Monetary Policy Committee (MPC) and the Minister of Finance have agreed changes to the MPC Charter that will provide more transparency and accountability of MPC decision-making.
The new Charter will make it easier for MPC members to communicate their individual views publicly. When a vote takes place, the votes of individual members will now be attributed. At the same time, the Charter reconfirms that the MPC decision-making process should focus on seeking consensus where possible.
RBNZ Governor Anna Breman says the updated Charter enhances transparency of MPC members’ views and supports accountability of members.
“These changes make it easier for MPC members to communicate their individual views and brings us in line with some of the most transparent central banks in the world,” Dr Breman says.
The new Charter will make it easier for MPC members to publicly express their views on the economic outlook and monetary policy strategy, and it makes clear that members are encouraged to communicate those views externally. At the same time, rules that ensure equal access to information will be retained.
As well as attributing votes, the MPC intends to attribute material differences of view or judgement within the Committee in the published Record of Meeting. This is expected to occur even when the Committee reaches consensus on the decision.
“Monetary policy transparency is important as it ensures that central banks remain accountable to the public and credible in their decisions. The changes to the Charter further enhance the transparency of monetary policy decision-making at the Reserve Bank of New Zealand.” Dr Breman says.
“This is part of a wider effort to increase transparency where the Reserve Bank has already introduced press conferences at Monetary Policy Reviews, moved to eight monetary policy meetings per year, and increased public outreach and external communications.”
There will be a 12-month review of the Charter to ensure that the changes are having a positive impact on the understanding of MPC decision-making, publicising of individual members’ views and overall monetary policy transmission.
The updated Charter will be in effect for the May 2026 Monetary Policy Statement.
More information
Link to the new Charter: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=f4dda1dccc&e=f3c68946f8
Recommendations for Minister – Transparency of decision making: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=6817a6a58d&e=f3c68946f8
Proposed amendments to the MPC Charter – Memo, proposed amendments and clean version: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=a47370bd1f&e=f3c68946f8
About the Monetary Policy Committee: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=ae32cf6cff&e=f3c68946f8
