Kiwiblog Guest Post: The Reserve Bank plays Fast and Loose with its Mandate.
November 13, 2022
The Reserve Bank has three roles: • operating monetary policy, eg by setting the Official Cash Rate (OCR) to keep prices stable • helping to keep the banking, finance company and insurance sectors running smoothly • supplying NZ’s money, eg notes and coins
We all know that the Bank has increased staff numbers 78% since Orr was appointed including an extra 15 in his office. Pray, tell me, what do they do?
Maybe this is the answer below. They write material totally irrelevant to the Bank’s core business, outside its mandate. Meanwhile what they have been legislated to do – price stability – they have failed miserably. Accountability, anyone??
Here is an excerpt from the Reserve Bank’s latest Annual Report.
Te ao Māori. In our role as kaitiaki of the financial system, we seek to support a thriving Māori economy. We continue to work with a range of stakeholders to progress work on: • understanding the Māori economy and the challenges around Māori access to capital; • the Future of Money – Te Moni Anamata; • better reflecting te ao Māori in the banking sector through our involvement with Tāwhia – Māori Bankers Rōpū; and • collaborating with our central bank partners as a member of the Central Bank Network for Indigenous Inclusion.