Bank of new zealand
The Reserve Bank of New Zealand (RBNZ) is the central bank of New Zealand. It is responsible for setting monetary policy, regulating the financial system, and maintaining financial stability. Here are some key facts about the Reserve Bank of New Zealand:
History: The Reserve Bank of New Zealand was established in 1934, replacing the Reserve Bank of New Zealand Act 1933.
Governor: The Governor of the Reserve Bank of New Zealand is the bank's chief executive and is responsible for implementing monetary policy. The current Governor is Adrian Orr.
Monetary Policy: The RBNZ sets monetary policy to promote economic growth, low inflation, and financial stability. The bank uses a range of tools, including setting interest rates and buying or selling government bonds, to achieve its goals.
Inflation Targeting: The RBNZ has an inflation target of 2% per annum, which is the rate of inflation that the bank aims to keep the economy at over the medium term.
Reserve Requirements: The RBNZ sets reserve requirements for commercial banks, which are the minimum percentage of deposits that banks must hold in reserve rather than lending out.
Financial Stability: The RBNZ is responsible for promoting financial stability by monitoring the financial system and responding to potential risks.
Regulation: The RBNZ regulates and supervises banks, non-bank deposit takers, and other financial institutions to ensure they operate safely and soundly.
Currency: The RBNZ is responsible for issuing New Zealand currency, including coins and banknotes.
Economic Data: The RBNZ publishes a range of economic data, including inflation rates, GDP growth, and employment figures.
Research: The RBNZ conducts research on a range of economic topics, including monetary policy, financial stability, and the economy.
International Cooperation: The RBNZ works closely with other central banks and international organizations, such as the International Monetary Fund (IMF), to promote global financial stability and cooperation.
Some of the key statistics about the Reserve Bank of New Zealand include:
- Assets: NZD 104 billion (approximately USD 67 billion)
- Liabilities: NZD 94 billion (approximately USD 62 billion)
- Reserve Bank Act: 1989
- Inflation target: 2% per annum
- Reserve requirement: 10% for commercial banks
Overall, the Reserve Bank of New Zealand plays a critical role in promoting economic growth, low inflation, and financial stability in New Zealand.