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Reserve Bank of New Zealand Act 2021

Reserve Bank of New Zealand - Monetary policy committee

100: Membership of MPC

You could also call this:

"Who can be on the Monetary Policy Committee?"

Illustration for Reserve Bank of New Zealand Act 2021

The Monetary Policy Committee (MPC) must have between 5 and 7 members. You need to know that the members are made up of the Governor, internal members who work at the Bank, and external members who do not work at the Bank. The internal members and the Governor must be the majority of the MPC members. You can compare this to the 1989 legislation for more information. The Governor is in charge, but if the Governor's position is empty, it does not count. The internal members are Bank employees, and the external members are not Bank employees.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287133.

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99: Board must regularly review performance of MPC and members, or

"The Reserve Bank's board checks the Monetary Policy Committee is doing its job properly."

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101: Charter for MPC, or

"A Guide for the Monetary Policy Committee to Make Good Decisions"

Part 2Reserve Bank of New Zealand
Monetary policy committee

100Membership of MPC

  1. The MPC must have not fewer than 5 members and not more than 7 members.

  2. The members of the MPC must comprise—

  3. the Governor (subject to any vacancy in the office of Governor):
    1. 2 or 3 persons who are employees of the Bank (the internal members):
      1. 2 or 3 persons who are not employees of the Bank (the external members).

        1. The internal members, together with the Governor, must be a majority of the membership of the MPC (subject to any vacancies in the membership).

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