The economic development objective was not adequately reflected in selection of the peg. Whereas the peg to the SDR favoured imports on the one hand, the qualitative and quantitative controls on imports were designed to check imports on the other. It did not make much harmonic sense in policy making.
____________ Financial Policy Remit 2022 https://www.rbnz.govt.nz/-/media/project/sites/rbnz/files/about/financial-policy-remit/mof-letter-to-governor-and-chair-financial-policy-remitissuance.pdf 5 Monetary Policy Remit 2021 https://www.rbnz.govt.nz/-/media/project/sites/rbnz/files/monetary-policy/about-monetary-policy/remit-for-monetary-policy-committee-order-feb2021.pdf?sc_lang=en 6 Letter of Expectations 2022 https://www.rbnz.govt.nz/hub/publications/corporate-publications/letters-of-expectation/letter-of-expectations-2022 7 Statement of Intent 1 July 2022 - 30 June 2026 https://www.rbnz.govt.nz/hub/-/media/project/sites/rbnz/files/publications/statements-of-intent/rbnz-soi-2022.pdf 8 Statement of Performance Expectations 2022 https://www.rbnz.govt.nz/hub/publications/corporate-publications/statement-of-performance-expectations/statement-ofperformance-expectations-2022-to-2023 4  4  5  Figure 2: Summary of our governance and accountability9  Our Optimisation challenge: dealing with trade-offs So, there is quite a lot of guidance in our endeavours.