July 28, 2020 / 2:36 AM / 17 days ago

New Reserve Bank bill tabled in New Zealand parliament

FILE PHOTO: Two people walk towards the entrance of the Reserve Bank of New Zealand located in the New Zealand capital city of Wellington, March 22, 2016. REUTERS/Rebecca Howard/File Photo

WELLINGTON (Reuters) - A new bill was tabled in New Zealand’s parliament on Tuesday which the government says will improve the central bank’s governance and accountability.

Reserve Bank Bill, among other things, adds an overarching financial stability objective for the Reserve Bank of New Zealand (RBNZ), Finance Minister Grant Robertson said in a statement.

This would complement RBNZ’s recently updated monetary policy objectives, he said.

The bill is expected to pass into law by September 2021, with full commencement targeted by July 2022 after a nine-month transition period, the RBNZ said.

Reporting by Praveen Menon; Editing by Himani Sarkar

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