Academic journal article The Reserve Bank of New Zealand Bulletin

Editor's Note

Academic journal article The Reserve Bank of New Zealand Bulletin

Editor's Note

Article excerpt

This issue of the Bulletin features two articles and two speeches by governors.

An important function of the Reserve Bank of New Zealand, and of most central banks, is to promote sound and efficient payment systems. This subject is discussed in the first article in this issue of the Bulletin: 'Recent developments in the payment system'. The article outlines a number of developments that are occurring in the payment system, internationally and in New Zealand, including the prudential issues with which the Bank is currently engaged. It notes that the payment system is an important part of any modern economy, providing as it does the means by which commercial transactions are effected. A payment system is also an important element in the financial system, given that it influences the size and nature of exposures between banks and therefore affects the extent to which difficulties in one part of the financial system can be transmitted to another.

In recognition of the importance that payment systems play in modern economies and financial systems, the article notes that an international set of core principles has been developed to assist governments to assess the adequacy of their payment system arrangements and implement appropriate policy reforms. …

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