Governor of the Reserve Bank of New Zealand, Graeme Wheeler is solely responsible for setting NZ interest rates, but likely not for much longer:
New Zealand parliamentarian (and Green Party co-leader Russel Norman) has drafted a law that would make a “Reserve Bank Board as a whole accountable for setting the Official Cash Rate, rather than the governor alone.”
- New Zealand’s central bank does have a group of senior bank officials who meet weekly to advise the governor.
- But the final decision is Wheeler’s alone
- The group is “expressly not a decision-making committee”
- Its members do not vote
- Minutes are not published
New Zealand has had a sole decision-maker for monetary policy since 1989
