July 23, 2018 / 4:35 AM / 10 months ago

NZ government introduces bill to add employment to central bank's mandate

FILE PHOTO: A security guard stands outside the main entrance to the Reserve Bank of New Zealand located in central Wellington, New Zealand, July 3, 2017. REUTERS/David Gray/File Photo

WELLINGTON (Reuters) - New Zealand Acting Prime Minister Winston Peters said on Monday a bill has been introduced to Parliament to change the legislation governing the Reserve Bank of New Zealand (RBNZ) to add employment as a policy goal alongside inflation.

The bill, which needs approval by Parliament before becoming law, would also introduce a committee to set monetary policy rather than leave the decision to the central bank’s governor.

The proposed changes had been flagged by the Labour-led coalition government that came into power in October.

RBNZ Governor Adrian Orr and Finance Minister Grant Robertson agreed that maximizing sustainable employment would be a consideration alongside inflation targeting in an policy agreement struck in March.

Reporting by Charlotte Greenfield; Editing by Richard Borsuk

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below