12 Order providing for different economic objective or objectives

(1)

The Governor-General may, by Order in Council, on the advice of the Minister, direct the MPC to formulate, and the Bank to implement, monetary policy for 1 or more economic objectives for a period not exceeding 12 months that is specified in the order.

(2)

The economic objective or objectives may be—

(a)

only 1 of the objectives specified in section 8 (instead of both); or

(b)

1 or more new objectives in addition to or instead of either or both of the economic objectives specified in section 8.

(3)

While the Order in Council is in force,—

(a)

the MPC must formulate, and the Bank must implement, monetary policy in accordance with the economic objective or objectives specified in the Order in Council; and

(b)

the MPC and the Bank must disregard either or both of the economic objectives specified in section 8 if so required by the Order in Council.

Section 12: replaced, on 1 April 2019, by section 8 of the Reserve Bank of New Zealand (Monetary Policy) Amendment Act 2018 (2018 No 59).