Reserve Bank of New Zealand
a.k.a. RBNZ
New Zealand's central bank, the first in the world to adopt an inflation target.
In plain English
New Zealand's central bank, the first in the world to adopt an inflation target.
The Reserve Bank of New Zealand (RBNZ) sets the Official Cash Rate (OCR) that steers the New Zealand dollar. In 1990 it became the first central bank to adopt a formal inflation target, an idea later copied around the globe.
It has a reputation for occasionally surprising markets, so the Kiwi can jump sharply on its announcements. It also publishes its own forecast for where rates are heading, which traders pick apart line by line.
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