The Reserve Bank of New Zealand has a job to do. You can think of this job as implementing monetary policy. This means the Bank must follow the monetary policy that the Monetary Policy Committee makes, as set out in the Act. The Bank must do this job according to the rules in the Reserve Bank of New Zealand Act 2021. You can compare this to what the law said in the past, for example in section 9 of a previous law.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287163.
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119: What MPC must have regard to in formulating monetary policy, or
"Things to consider when making money decisions in New Zealand"
121: Bank not required to implement monetary policy that is inconsistent with financial responsibility duties, or
"The Bank doesn't have to follow a money plan if it's not responsible with money."
The Bank has the function of implementing, in accordance with this Act, the monetary policy formulated by the MPC.
