New Zealand’s government removes employment from RBNZ mandate
New Zealand’s new coalition government passed legislation on Wednesday, abandoning the Reserve Bank of New Zealand's (RBNZ) dual mandate, now only focusing on price stability.
New Zealand’s Finance Minister Nicola Willis amended the Remit for the RBNZ’s Monetary Policy Committee (MPC), removing the objective to support maximum sustainable employment, MNI reported. Willis kept the bank's 1-3% inflation target.
"Alongside the new Remit, the MPC has also agreed to changes to the MPC's Charter with the Minister of Finance," the RBNZ noted in a statement. "The Charter sets out decision-making processes and transparency requirements for the MPC,” said the central bank.
Market reaction
The NZD/USD pair has come under renewed selling pressure in the last hour, having hit intraday lows at 0.6093. The spot is trading at 0.6100, down 0.51% on the day, as of writing.
New Zealand Dollar price today
The table below shows the percentage change of New Zealand Dollar (NZD) against listed major currencies today. New Zealand Dollar was the weakest against the US Dollar.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | 0.10% | 0.14% | 0.05% | 0.15% | 0.24% | 0.59% | 0.05% | |
| EUR | -0.10% | 0.05% | -0.04% | 0.04% | 0.14% | 0.48% | -0.05% | |
| GBP | -0.15% | -0.05% | -0.09% | 0.00% | 0.09% | 0.43% | -0.10% | |
| CAD | -0.08% | 0.04% | 0.08% | 0.06% | 0.16% | 0.52% | -0.03% | |
| AUD | -0.13% | -0.05% | 0.00% | -0.08% | 0.09% | 0.44% | -0.10% | |
| JPY | -0.24% | -0.13% | -0.10% | -0.19% | -0.12% | 0.37% | -0.17% | |
| NZD | -0.59% | -0.49% | -0.44% | -0.52% | -0.44% | -0.34% | -0.54% | |
| CHF | -0.06% | 0.04% | 0.09% | 0.02% | 0.09% | 0.17% | 0.53% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
