This will reignite concerns about Reserve Bank of New Zealand independence
Rightly or wrongly.
- The Secretary to the Treasury, Gabriel Makhlouf, has accepted Reserve Bank Governor Adrian Orr’s invitation to attend monetary policy deliberation and decision meetings as an observer from the end of this month.
- Mr Orr extended the invitation to deepen Mr Makhlouf’s understanding of the process leading into a monetary policy decision, with the aim of ensuring a smooth transition to a new monetary policy framework.
- This invitation comes ahead of the proposed creation of a formal Treasury observer position in the Reserve Bank of New Zealand (Monetary Policy) Amendment Bill.
This has been on the cards for a while (ever since the new government really) , this from two weeks ago: