Reserve Bank of New Zealand Act 2021

Reserve Bank of New Zealand - Monetary policy committee

99: Board must regularly review performance of MPC and members

You could also call this:

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

Illustration for Reserve Bank of New Zealand Act 2021

The board of the Reserve Bank of New Zealand checks how well the Monetary Policy Committee (MPC) and its members are doing their jobs. You can think of the MPC as a group that helps make big decisions about money in New Zealand. The board looks at how well they are following the rules in the Reserve Bank of New Zealand Act 2021. The board must do this regularly to make sure the MPC and its members are doing what they are supposed to do. You can find more information about what the board has to report in the Bank's annual report, which is mentioned in section 240(1)(m). The board also has to tell the Minister if a member of the MPC is not doing their job properly, as stated in clause 26 of Schedule 3. The board's job is to make sure the MPC and its members are working well and following the rules. This helps the Reserve Bank of New Zealand make good decisions about money. The board's reviews help keep everything running smoothly.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS295156.

This page was last updated on 1 January 2026 — View changes

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98: Functions of MPC, or

"The Monetary Policy Committee's main jobs are to plan how to manage money in New Zealand and do other tasks given to it."

100: Membership of MPC, or

"Who can be on the Monetary Policy Committee?"

Part 2Reserve Bank of New Zealand
Monetary policy committee

99Board must regularly review performance of MPC and members

For the purpose of performing or exercising its functions or powers in relation to the MPC, the board must regularly review the performance of the MPC, and each member of the MPC, in discharging responsibilities under this Act.
See section 240(1)(m) relating to requirements for the Bank’s annual report.
See also clause 26 of Schedule 3 (which provides that the board must advise the Minister if there are grounds for removal of a member of the MPC and may recommend removal).