25th July 2013
The Reserve Bank of New Zealand (RBNZ) announced that the Official Cash Rate (OCR) will remain at 2.50%. It has been at this rate since March 2011.
The changes to the New Zealand Official Cash Rate have been:
|New Rate||Date||Change||Change by|
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- Reserve Bank Bulletin
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The Reserve Bank of New Zealand is New Zealand’s central bank. It was established in 1934, and although not a government department, has been wholly owned by the government of New Zealand since 1936. Like most central banks, the Reserve Bank is primarily a policy organisation, and has three main functions:
- operating monetary policy to maintain price stability;
- promoting the maintenance of a sound and efficient financial system; and
- meeting the currency needs of the public.
These functions are specified in the Reserve Bank Act 1989, which also gives the Reserve Bank statutory independence to carry them out. Aspects have since been refined by a variety of amendment acts.
To fulfil these functions, the Bank carries out a wide range of tasks, from operating monetary policy to monitoring and supervising the health of the financial system, maintaining foreign reserves, operating in the financial markets if necessary, and issuing currency as required. The Bank has the sole right to produce currency in New Zealand.
Reserve Bank of New Zealand
2 The Terrace
PO Box 2498
Telephone: +64 4 472 2029
24.1 - 671,309