This order brings into force, on 1 July 2022, all the provisions of the Reserve Bank of New Zealand Act 2021 (the Act) that did not come into force on the day after the date of Royal assent of that Act under section 2(1). Accordingly, this order brings the Act fully into force.

The Act continues the Reserve Bank of New Zealand and provides for its objectives and functions, as well as its governance, accountability, and funding arrangements. The Act repeals and replaces the parts of the Reserve Bank of New Zealand Act 1989 (the 1989 Act) that provide for the institutional form, governance and accountability arrangements, and central bank powers of the Reserve Bank. The remainder of the 1989 Act, which creates a framework for the registration and supervision of banks, remains in force but has been renamed the Banking (Prudential Supervision) Act 1989.