The current PTA, signed on 20 September 2012, introduces the goal of keeping future average CPI inflation near the two percent target mid-point of the one percent to three percent range. Like its predecessor PTAs, it also requires the Bank to seek to avoid unnecessary instability in output, interest rates, and the exchange rate.
The Governor’s responsibilities and obligations are conferred and imposed under the 1989 Reserve Bank of New Zealand Act, the 2009 AMLCFT Act, the 2010 Insurance (Prudential Supervision Act), to which is expected to be added the Non-Bank Deposit Takers legislation currently in the House.