Source: Reserve Bank of New Zealand
The Reserve Bank of New Zealand – Te Pūtea Matua has launched a second consultation as part of the five-yearly review of the Monetary Policy Committee’s (MPC) Remit that guides monetary policy decisions.
The Remit sets out the operating guidelines from the Government for achieving monetary policy’s legislated goals of maintaining price stability and supporting maximum sustainable employment.
The first consultation, which closed on 15 July 2022, helped to define the scope of the review, and to determine the topics and areas under consideration for any possible changes to the Remit. We agreed the scope of the review with the Minister of Finance.
Reserve Bank Chief Economist Paul Conway says, “This second consultation seeks feedback on the recommendations we are intending to provide to the Government about possible changes to the Remit.”
“Feedback from New Zealanders will help us ensure we’re delivering the best advice. We welcome submissions until 27 January 2023 from experts in monetary policy, key interest groups and members of the public. Then we will finalise advice for the Minister of Finance early next year,” Mr Conway says.
Find out more about the Remit review consultation and how to have your say
We want to hear your views about our proposals, to ensure that the Remit remains fit for purpose and enables monetary policy to support the wellbeing of New Zealanders.
Background
The Reserve Bank published on 10 November 2022 a review and assessment of the formulation and implementation of monetary policy (RAFIMP) in the previous five years, which was subject to external review. The RAFIMP is separate from – but was carried out alongside – the Remit Review. The Remit Review is about the guidelines or framework for Monetary Policy Committee decisions for the years to come, while the RAFIMP is an assessment on what was done in the past five years and how effective those decisions were.
More information
We will be hosting a public webinar on Monday 5 December at 12:00pm. If you wish to join our webinar please register by emailing remit-review@rbnz.govt.nz
Remit review second consultation Paper https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=0ddbcf722d&e=f3c68946f8
Remit review summary guide https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=cd4d68efa0&e=f3c68946f8
Background papers https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=5646c6a6bb&e=f3c68946f8
Summary of submissions from the first public consultation https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=0cbb01b572&e=f3c68946f8
