Reserve Bank of New Zealand Act 1989

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9 Policy targets

(1)

The Minister shall, before appointing, or reappointing, any person as Governor, fix, in agreement with that person, policy targets for the carrying out by the Bank of its primary function during that person’s term of office, or next term of office, as Governor.

(2)

In the case of a person who is deemed to have been appointed as Governor under section 191(1), policy targets for that person’s term of office shall be fixed by the Minister, in agreement with the Governor, within 30 days after the commencement of this Act.

(3)

Policy targets may be fixed for the term of office of the Governor, or for specified periods during the term of office of the Governor, or for both.

(4)

The Minister and the Governor may, from time to time,—

(a)

review or alter any policy targets fixed under this section; or

(b)

substitute new policy targets for targets fixed under this section.

(5)

Where policy targets are fixed under this section,—

(a)

the Minister shall ensure that they are recorded in writing; and

(b)

the Governor shall ensure that they are tabled at the first Board meeting held after the date on which they are fixed; and

(c)

the Minister shall, as soon as practicable after they are fixed, publish them in the Gazette and lay a copy of them before the House of Representatives.