The Reserve Bank of New Zealand – Te Pūtea Matua has published its Annual Report for 2024, covering the period from 1 July 2023 to 30 June 2024.
This year’s key achievements include the rollout of one of the most extensive initiatives, the Deposit Takers Act; initiating the Foreign Reserves Management and Coordination Framework; implementing our Outsourcing Policy (BS11); and adopting the new payments messaging standard (ISO 20022). Collectively, these efforts have bolstered New Zealanders’ confidence in our financial system.
Board Chair Professor Neil Quigley states that the achievements of the past year have established a strong foundation for multi-year initiatives.
“The Board’s major focus this year has been to evolve our strategy and performance framework. In June, we published our refreshed Statement of Intent for 2024-2028, which, alongside our performance expectations, outlines our accountability for delivering on our mandate,” said Professor Quigley.
“I am proud of the gains we have made as we continue to progress our vision of a trusted, inclusive, resilient, and competitive financial system,” Governor Adrian Orr stated.
“We are also exploring the future of money and the role of digital currencies; we have published our Approach to Financial Inclusion; updated our Te Ao Māori strategy—Te Waka Hourua; and we will release our first climate-related financial disclosure later in October. Each initiative is moving us closer towards our vision,” he added.
RBNZ has also seen its total staff increase by nearly 75% over the last four years, with approximately 90 new employees added in just the past year.
The organisation indicated that the rise in staffing levels was a reflection of its dedication to executing a substantial work agenda. This agenda encompasses the implementation of legislative reforms, such as the RBNZ Act 2021, bolstering digital resilience, enhancing prudential oversight, managing cash and payment systems, and fulfilling formal stakeholder expectations, among other initiatives.