NZ RBNZ Funds Blocked by Finance Minister

The Reserve Bank of New Zealand (RBNZ) will have to return NZ$10.1 million ($5.9 million) to the Crown after Finance Minister Nicola Willis declined their request to use the funds for 'core' projects.

The RBNZ had asked to carry over the underspend from prior years, but Willis rejected this proposal in a letter dated June 24.

In her response, Willis emphasized the importance of fiscal discipline and ongoing evaluation of the RBNZ's cost efficiency. She also called for the identification of savings opportunities.