What is the central bank of New Zealand, founded in 1934 as the country’s sole issuer of banknotes?

The Reserve Bank of New Zealand is New Zealand’s central bank, founded in 1934 as the country’s sole issuer of banknotes.

The Reserve Bank Act 1933 established the institution, and it began operating on August 1, 1934. Before its creation, New Zealand’s currency and banking arrangements were more closely linked to British and Australian systems. The bank was created to provide a national monetary authority.

Its responsibilities include monetary policy, currency issuance, and financial-system oversight. New Zealand introduced an inflation-targeting framework in 1990, often cited as the first formal adoption of inflation targeting by a central bank. The bank’s headquarters are in Wellington.