Academic journal article The Reserve Bank of New Zealand Bulletin

Reserve Bank Focused on Stability

Academic journal article The Reserve Bank of New Zealand Bulletin

Reserve Bank Focused on Stability

Article excerpt

30 June 2009

The Reserve Bank's focus for the year ahead remains on the stability of the financial system and economy in the face of an uncertain global environment, Acting Governor Grant Spencer said today, releasing the Bank's Statement of Intent (SOI) for 2009-2011.

The SOI is an annual document outlining the Bank's plans for the three years ahead, and its budget for the year ahead.

"The New Zealand economy has been under pressure from the international financial crisis, global recession and weak domestic spending," Mr Spencer said. "In this volatile climate, our strategic priorities, as set out in the SOI, are to ensure outcomes that we would take for granted in normal times: that our financial markets and institutions continue to operate effectively and continue to support the financing needs of the real economy.

"Inflation is less of a concern just now, but may present an important challenge once confidence returns to global markets, given the large amount of liquidity that has been injected into the global system."

The SOI describes the Bank's ongoing work program to develop and implement the new regulatory framework for non-bank deposit takers and insurance companies. …

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