Academic journal article The Reserve Bank of New Zealand Bulletin

Reserve Bank Well Placed to Manage Crisis

Academic journal article The Reserve Bank of New Zealand Bulletin

Reserve Bank Well Placed to Manage Crisis

Article excerpt

11 December 2008

The Reserve Bank is well placed as a "full service" central bank to be fully informed and engaged in the economic and financial system, while it has been weathering extreme international disorder, the Bank says in its Briefing to the Incoming Minister.

The Briefing was released today by the Minister of Finance, the Hon Bill English. It covers the Bank's responsibilities for monetary policy, financial stability, currency, and payments systems.

"We have direct information flows from all these critical areas and powers to respond where necessary," Reserve Bank Governor Alan Bollard said. In many other countries, central banks operate only some of these functions.

The Briefing, written before last week's Monetary Policy Statement, says adjustment to the international financial turbulence is proving extremely disruptive, and it will likely be some time before financial market conditions normalise.

The Bank notes that the New Zealand economy is expected to grow only slowly before gaining more momentum toward the end of 2009. Inflation pressures are expected to lessen, although price trends for some non-tradeables inflation remain of concern. …

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