Incoming RBNZ Governor Orr: pleased with new target agreement

Incoming Reserve Bank of Zealand (RBNZ) Governor Adrian Orr is speaking following the release of the newly-updated Policy Target Agreement (PTA).

Orr, who takes over the helm of the RBNZ on Tuesday, March 27th, says he's pleased with the strong focus on price stability still deeply in the PTA, while also noting that the current RBNZ model already takes employment into consideration, but now markets can expect to hear the RBNZ speak more specifically about jobs and job creation targets. Orr stated that the dual mandate of the RBNZ will not directly change monetary policy or targets, but it will impact upon decisions from time time. New Zealand's Finance Minister Robertson also noted that the RBNZ will continue to operate independently of the New Zealand government.