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Reserve Bank of New Zealand Act 2021

Reserve Bank of New Zealand - Board of Bank and its members - Role, membership, and accountability

24: Board's role

You could also call this:

"The board makes big decisions for the Reserve Bank of New Zealand."

Illustration for Reserve Bank of New Zealand Act 2021

The board is in charge of the Reserve Bank of New Zealand. You can think of the board as the group that makes big decisions for the Bank. The board has the power to do things in the Bank's name. The board must make all the important decisions about how the Bank runs. These decisions must follow the rules of this Act. You can find more information about some of the board's responsibilities in other parts of the Act, such as what the Minister is in charge of, which is explained in section 22. There are some things the board does not decide, like the functions of the MPC, which are explained in section 98. The Minister also has some responsibilities that do not involve the board. These responsibilities include appointing or removing the Governor.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287043.

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"When the Minister can pass on their powers to others"

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25: Membership of board, or

"Who is on the Reserve Bank's board"

Part 2Reserve Bank of New Zealand
Board of Bank and its members: Role, membership, and accountability

24Board's role

  1. The board is the governing body of the Bank, with the authority, in the Bank’s name, to exercise the powers and perform the functions of the Bank.

  2. All decisions relating to the operation of the Bank must be made by, or under the authority of, the board in accordance with this Act.

  3. However, this section does not apply to—

  4. the functions or powers of the MPC under section 98:
    1. any statutory responsibilities given to the Minister, including in relation to the appointment or removal of the Governor (see section 22).

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