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50 years of decimal currency

Today signals 50 years of decimal currency in New Zealand and the Bank is marking the anniversary with a new display in its Museum and Education Centre. This coincides with a new Bulletin article titled “A litmus test for society: Reserve Bank decimal note designs 1967-2017” which traverses New Zealand’s currency as it showcases national and cultural identity. It is accompanied by a downloadable timeline poster showing all seven series of Reserve Bank notes released since 1934. Reserve Bank Governor Graeme Wheeler said “This milestone is a great opportunity to reflect on a point in time and see how our…
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Statement of Intent outlines RBNZ’s priorities

The Reserve Bank's commitment to price and financial stability in an uncertain global environment is underlined in the Bank's Statement of Intent (SOI) for 2017-2020. The Reserve Bank supports economic growth by targeting price stability, promoting a sound and efficient financial system, and meeting the public's currency needs. The SOI, signed off on 16 June, outlines the nature of the Bank’s work programme over the next three years. The Bank’s nine strategic priorities are framed around three themes: enhancing the Bank’s policy frameworks; continuing to strengthen the Bank’s internal and external engagement; and improving infrastructure and reducing enterprise risk. "The…
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Reserve Bank broadens engagement with stakeholders

The Reserve Bank continues to broaden its engagement with a diverse range of stakeholders to provide accountability, and to promote understanding and dialogue, Head of Communications, Mike Hannah, said in a speech released today. Speaking to the Canterbury branch of the Institute of Directors in Christchurch yesterday evening, Mr Hannah said that the Bank’s relationships were crucial to achieving the Bank’s policy objectives. “We rely heavily on the behaviours of households and businesses being consistent with our policy objectives, ranging from their expectations of price stability and bank resilience, or credit growth, to confidence in banknotes and the payments systems,”…
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Bulletin article outlines recent developments in financial market benchmarks

An article published today in the Reserve Bank Bulletin provides an overview of the importance of benchmarks, which are used to price, value and evaluate financial market transactions. The Bulletin article notes the need for financial market benchmarks to be reliably measured, transparent and supported by strong governance arrangements. The article also explores the way that regulators worldwide are implementing reforms for interest rate benchmarking systems and processes. This follows the erosion in trust in benchmarks that occurred after the LIBOR scandal, where a number of international banks in London were found to have manipulated the LIBOR benchmark interest rates.…
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Bulletin article reviews current economic expansion

The sensitivity of the New Zealand economy to global developments has been underlined in the Reserve Bank Bulletin. An article published today examines the current economic expansion since 2009, comparing it with earlier expansions in order to highlight current features. The current period has unique characteristics. While this economic expansion has in part been shaped by the Canterbury rebuild, the rebuild itself has been less inflationary than the Reserve Bank initially feared. This current expansion also includes the largest net immigration cycle (as a share of working age population) since at least the late 1970s, but the consequences for inflationary…
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Reserve Bank offers to purchase NZ Government December 2017 nominal bonds

As is usual ahead of a government bond maturity, and as advised by the New Zealand Debt Management Office on 25 May 2017, the Reserve Bank offers to purchase NZ government bonds maturing 15 December 2017 for liquidity management purposes. Purchases will either be held to maturity on the Bank's balance sheet, or on-sold to the New Zealand Debt Management Office (where the bonds will be cancelled). This offer opens at 10:00am on 19 June 2017 and will remain open until further notice. Interested parties should telephone their offers, volume and rate, to the Domestic Markets section on (04) 472…
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Strong Crown Accounts in April

The Government accounts for the ten months to 30 April 2017 show a surplus of $2.5 billion, although about $1 billion of that is due to timing differences that are expected to reverse out in May, Finance Minister Steven Joyce says. “While the accounts for the year-to-date are $1.6 billion stronger than was forecast at the Budget Economic and Fiscal Update, the bulk of this change is due to a timing difference of company taxes,” Mr Joyce says. “Treasury and Inland Revenue expect most of that to reverse in May, and at this stage Treasury expects the 2016/17 accounts to…
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Can we avoid another financial crisis?

Can we avoid another financial crisis?
In his most recent book, Can We Avoid Another Financial Crisis? Steve Keen leaves readers in little doubt he believes we're heading that way unless we adopt a fundamentally different approach to private debt.  Australian Steve Keen was one of only a handful of economists to predict the Global Financial Crisis. He says it’s all about debt – specifically private debt. “We’re focussing on the wrong topic. We’re so focussed on government debt, what actually caused the crisis was run away private debt.” And he says there are a number of ‘debt zombies’ in the world economy - New Zealand…
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New Zealand’s financial system is sound but continues to face risks

New Zealand’s financial system remains sound and the risks facing the system have reduced in the past six months, Reserve Bank Governor Graeme Wheeler said today when releasing the Bank’s May Financial Stability Report. “The outlook for the global economy has been improving but global political and policy uncertainty remains elevated and debt burdens are high in a number of countries. A sharp reversal in risk sentiment could lead to higher funding costs for New Zealand banks and an increase in domestic borrowing costs. New Zealand’s banks are vulnerable to these risks because of their increasing reliance on offshore funding…
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FMA survey: Investor confidence bounces back

NewsMedia releasesReleases from the MinisterWarnings and alertsReports and papersSpeeches and presentationsIMF 2016 review of NZFMA UpdateRegulation updatesCases before the courtsInvestigationsEnforcement actionsCourt decisions Major disruptions in world events over the last year have not dented New Zealanders’ confidence in financial markets. The FMA today released its annual survey into the public’s attitude to financial markets. The survey shows that confidence has risen significantly to 65% among all respondents, from 56% in 2016. Investor confidence in the markets has reached its highest level (69%) since the FMA started the survey in 2013, when the score was 58%. Confidence in the effective regulation…
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RBNZ and FMA welcome new foreign exchange market Global Code of Conduct

The Reserve Bank and Financial Markets Authority have welcomed the release of a new code to promote good practice in the international foreign exchange market. The new Global Code of Conduct for the Foreign Exchange Market was released in London by the Bank for International Settlements last night. It was developed by central banks and foreign exchange market participants from 16 international jurisdictions. “The code of conduct applies to both those buying and selling foreign exchange and is a principles-based code rather than a rules-based code,” said Reserve Bank Deputy Governor Grant Spencer. “It aims to create greater confidence in…
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IMF releases New Zealand FSAP findings and recommendations

The International Monetary Fund (IMF) has declared New Zealand’s banking system to be resilient, but nevertheless recommended ways to improve the strength of the country’s financial sector and the regulatory framework. In releasing the findings from its Financial Sector Assessment Programme (FSAP) overnight, the IMF said that the banking system is well-placed to manage risks and vulnerabilities associated with current developments in the housing sector, the high level of household debt, and low dairy prices. The FSAP included a range of ‘stress tests’ of the large New Zealand banks. The report states that New Zealand has a good institutional framework…
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Palace of the Alhambra Spain

Palace of the Alhambra, Spain

By: Charles Nathaniel Worsley (1862-1923)

From the collection of Sir Heaton Rhodes

Oil on canvas - 118cm x 162cm

Valued $12,000 - $18,000

Offers invited over $9,000

Contact:  Henry Newrick – (+64 ) 27 471 2242

Henry@HeritageArtNZ.com

 

Mount Egmont with Lake

Mount Egmont with Lake 

By: John Philemon Backhouse (1845-1908)

Oil on Sea Shell - 13cm x 14cm

Valued $2,000-$3,000

Offers invited over $1,500

Contact:  Henry Newrick – (+64 ) 27 471 2242

Henry@HeritageArtNZ.com

MSC NewsWire is a gathering place for information on the productive sector in New Zealand focusing on Manufacturing, Productive Engineering and Process Manufacturing

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