The Reserve Bank of New Zealand have been in an unusual position of having no board or committee making monetary policy decisions.
Up until now, and for a few more days, decision on monetary policy have been the sole remit of the Governor. Of course, decisions are made in consultation with officials within the bank and whoever the Gov sees fit to speak with outside, but the decision has been the Governor's alone.
On April 1 this all changes, as has been flagged ever since the government changed (to PM Ardern). From Monday there is 7 person committee. Governor Orr will be discussing the changes tomorrow, Friday NZ time.
Here are all the noobs (by definition they all are!)
- RBNZ Governor Orr, chairs the committee
- RBNZ Deputy Governor Geoff Bascand
- RBNZ Assistant Governor and General Manager of Economics Christian Hawkesby
- RBNZ Manager for International and Markets Analysis Yuong Ha
- Caroline Saunders, Professor of International Trade and the Environment and Director Agribusiness and Economics Research Unit at Lincoln University
- Bob Buckle, Professor Emeritus at Victoria University of Wellington and a former Principal Adviser at NZ Treasury
- Peter Harris, an economist with experience in the trade union movement
So, 4 internal to the bank, 3 external.
Decisions are reached by consensus.
A vote will be held if needed.
Minutes will be published.
RBNZ's existing goals of keeping medium-term inflation between 1-3 percent and supporting maximum sustainable employment remain unchanged.
