MNI BRIEF: NZ Gov. Rejigs RBNZ's MPC Remit, Charter

The New Zealand Government has renewed the Reserve Bank of New Zealand’s Monetary Policy Committee remit and charter with the Bank now required to "achieve and maintain," rather than "keep," future annual inflation between 1-3% over the medium term.

New Zealand’s finance minister Grant Robertson set out the new objectives Tuesday, emphasising only minimal changes were made, “as I believe it remains fit for purpose.”

RBNZ Board Chair Neil Quigley commented: “this largely represents a continuation of the current monetary policy regime, with some changes that support more clarity for the monetary policy objectives.”