Economics
RBNZ Made Renewed Bid to Block Treasury From Rates, Emails Show
- Central bank proposed Treasury leave the room before decision
- Sweeping reforms raise concerns about RBNZ’s independence
Photographer: Mark Coote/Bloomberg
This article is for subscribers only.
New Zealand’s central bank made a renewed bid to keep a Treasury Department official away from interest-rate decisions, citing concerns about the confidentiality of market-sensitive information.
The Reserve Bank had already opposed the government’s plan to add a non-voting Treasury official to its new Monetary Policy Committee, which is due to begin next year. Having lost that battle, the RBNZ in April then floated the idea that the official should leave policy meetings before decisions are made, emails released to Bloomberg under the Official Information Act show.