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Reserve Bank of New Zealand Act 2021

Central bank functions - Foreign exchange - Dealing in foreign exchange

135: Minister may defer publication and presentation to House of Representatives

You could also call this:

"The Minister can delay sharing some information with the public to protect the Reserve Bank's work."

Illustration for Reserve Bank of New Zealand Act 2021

You can be affected by a rule about dealing in foreign exchange. The Minister can delay telling people about a direction given to the Reserve Bank of New Zealand. This delay happens if the Minister thinks telling people would hurt the Bank's work. The Minister must check every 12 months if they still think telling people would hurt the Bank's work. If the Minister does not think it would hurt the Bank's work anymore, they must tell people about the direction as stated in section 174(2). This is related to a direction given under section 134. The Minister has to follow the rules when they are no longer delaying the information.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS325438.

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134: Power of Minister to direct Bank to deal in foreign exchange within guidelines, or

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Part 3Central bank functions
Foreign exchange: Dealing in foreign exchange

135Minister may defer publication and presentation to House of Representatives

  1. The Minister may defer complying with section 174(2) in relation to the whole or any part of a direction given under section 134 if the Minister is satisfied that complying with that provision would, or is likely to, prejudice the Bank’s ability to efficiently and effectively—

  2. comply with the direction; or
    1. otherwise perform or exercise its functions or powers.

      1. The Minister must consider whether the Minister continues to be satisfied under subsection (1) at least once in every 12-month period after the direction is given.

      2. The Minister must comply with section 174(2) when the Minister ceases to be satisfied under subsection (1).