US EditionNew Zealand central bank's budget to see 25% cut in coming year
- New Zealand Finance Minister Nicola Willis announced a 25% cut in the Reserve Bank's annual operating budget for the coming year, reducing it to $775.6 million.
- Willis indicated that the Reserve Bank's staff numbers increased significantly from 255 in 2017 to 660 in January 2025, prompting criticism.
- The Treasury advised that a budget of $720 million was appropriate, stating that the initial request did not represent good value.
- Willis emphasized the need for government entities to identify cost savings while ensuring the Reserve Bank meets its legal responsibilities.
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New Zealand central bank's budget to see 25% cut in coming year
The New Zealand central bank's operating budget will be cut by roughly 25% in the coming fiscal year and set at roughly NZ$150 million ($88.50 million) for each of the next five years, New Zealand's Finance Minister Nicola Willis said on Wednesday.
·United Kingdom
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