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How the Reserve Bank implements monetary policy

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This Bulletin provides an overview of how the Reserve Bank of New Zealand implements monetary policy and manages settlement cash in the banking system. We describe the framework, facilities and market operations we use to ensure that short-term market interest rates trade at or near the Official Cash Rate (OCR) and ensure that there is sufficient settlement cash for payments and settlements to function smoothly.

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  • Michael Callaghan & Cameron Haworth & Kate Poskitt, 2023. "How the Reserve Bank implements monetary policy," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 86, pages 1-15, June.
    • Handle: RePEc:nzb:nzbbul:jun2023:03
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    File URL: https://www.rbnz.govt.nz/hub/-/media/project/sites/rbnz/files/publications/bulletins/2023/how-the-reserve-bank-implements-monetary-policy.pdf
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