WELLINGTON, March 7 (Reuters) - New Zealand’s central bank has formally set up a committee of its senior executives to look at major policy decisions, the governor said on Thursday.
Reserve Bank of New Zealand (RBNZ) head Graeme Wheeler said the committee comprising the governor, two deputy governors, and the assistant governor would discuss all major monetary and financial policy decisions.
He said that would include decisions on monetary policy, foreign exchange intervention, liquidity management policy, prudential policy, and other regulatory policies.
“This committee represents a management change rather than a governance initiative,” Wheeler said in a speech to a university gathering.
“The governing committee will maximise the knowledge and experience of the Governors individually and, as a collective, rigorously test ideas and build consensus around major policy decisions,” he said adding that the Governor would continue to have sole responsibility for setting interest rates.
Wheeler said the RBNZ would also move to giving more on-the-record speeches through a wider range of officials to improve transparency and understanding of the bank’s decisions.
The RBNZ issues its next monetary policy statement on March 14, which will include full economic and fiscal forecasts, and will also be accompanied by an appearance before a parliamentary committee. (Gyles Beckford)