____________ 6 Changes to the liquidity management regime - Reserve Bank of New Zealand - Te Pūtea Matua (rbnz.govt.nz) 7 How the Reserve Bank of New Zealand manages liquidity for monetary policy implementation - Reserve Bank of New Zealand - Te Pūtea Matua (rbnz.govt.nz) 8 Technically, the Reserve Bank operated a corridor system of MPI from 1999.
Between 2007 and 2020, however, the Reserve Bank used a ‘tiered’ remuneration system, which was a hybrid between a corridor and a floor. 2  New Zealand’s Monetary Policy Implementation Framework  UNCLASSIFIED  Ref #X750533 v3.4  At the start of the COVID crisis we saw significant market dysfunction, particularly in specific shortterm interest rate markets.