Now enacted in law, New Zealand’s new monetary policy framework is being formally introduced on 1 April 2019. I will now elaborate on the specifics of the revised monetary policy framework with reference to its history, locating it in the wider context of other external policy reviews and consultation processes that the Bank is involved in.
Reserve Bank Act 1989: Objectives & Accountability The Reserve Bank Act of 1989 was introduced at a time when there was great uncertainty about economic conditions in New Zealand. In the 1970s and 80s, our country, like many others, had adopted a variety of strategies to deal with high and volatile inflation; none were successful.