Reserve Bank of New Zealand Act 2021

Central bank functions - Currency

150: Power of Bank to call in currency

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"The Reserve Bank can ask people to return certain bank notes or coins with the Minister's permission."

Illustration for Reserve Bank of New Zealand Act 2021

The Reserve Bank of New Zealand can ask people to return certain bank notes or coins. You will know this is happening when the Bank puts a notice in the Gazette. The Bank can only do this if the Minister agrees first. The Bank needs to get permission from the Minister before asking for the bank notes or coins back. This is to make sure the Minister is aware of what the Bank is doing. The Minister's consent is required before the Bank can take this action. The Reserve Bank of New Zealand has to follow rules when calling in currency, which you can learn more about by looking at the related legislation. The Bank's power to call in currency is an important part of its job. You can find more information about this power and how it is used.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS287190.

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149: Issue of currency by Bank, or

"The Reserve Bank makes New Zealand's money, like notes and coins."


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151: Effect of call-in notice, or

"What happens when some bank notes or coins are no longer legal tender"

Part 3Central bank functions
Currency

150Power of Bank to call in currency

  1. The Bank may, by notice in the Gazette, call in any bank notes or coins issued or treated as having been issued under this Act.

  2. The Bank may act under subsection (1) only with the prior consent of the Minister.

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