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NZ government introduces bill to add employment to central bank’s mandate

NZ government introduces bill to add employment to central bank's mandate© Reuters. FILE PHOTO: A security guard stands outside the main entrance to the Reserve Bank of New Zealand located in central Wellington, New Zealand

WELLINGTON (Reuters) – New Zealand Acting Prime Minister Winston Peters said on Monday a bill has been introduced to Parliament to change the legislation governing the Reserve Bank of New Zealand (RBNZ) to add employment as a policy goal alongside inflation.

The bill, which needs approval by Parliament before becoming law, would also introduce a committee to set monetary policy rather than leave the decision to the central bank’s governor.

The proposed changes had been flagged by the Labour-led coalition government that came into power in October.

RBNZ Governor Adrian Orr and Finance Minister Grant Robertson agreed that maximizing sustainable employment would be a consideration alongside inflation targeting in an policy agreement struck in March.

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Source: Investing.com

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