FINWIRES · TerminalLIVE
FINWIRES

OECD Says New Zealand Should Stop Frequent Changes to RBNZ Mandate

By

-- The Organisation for Economic Cooperation and Development (OECD) said New Zealand should reconsider how frequently it adjusts the Reserve Bank of New Zealand's remit, as frequent changes raise the risk of monetary policy mistakes, according to a Thursday report published by the organization.

The central bank's remit is set by New Zealand's Minister of Finance and covers its operational objectives, including the target inflation range.

The OECD said there have been frequent changes to the monetary policy mandate and remit since 2019, and that maintaining stability outside scheduled five-year review cycles would support the bank's credibility and enhance its ability to deliver on its inflation objectives.

The organization recommended reinforcing the RBNZ's operational independence and credibility, noting that maintaining stability for the full five-year cycle until the 2028 review would support predictability, credibility, and confidence in the monetary policy regime.

Related Articles

International

Swiss Jobless Rate Inches Down to 3% in April

Switzerland's unemployment rate stood at 3% in April, down from 3.1% in the previous month, according to data from the State Secretariat for Economic Affairs published Thursday.At the end of April, 142,902 individuals were registered as unemployed, down by 3,353 from a month ago.

$^SSMI
Asia

Pansar Unit Bags MYR235 Million Water Treatment Plant Upgradation Deal

Pansar (KLSE:PANSAR) unit Perbena Emas secured a contract worth 234.9 million ringgit from Sarawak's Rural Water Supply Department (JBALB) to upgrade the Kaki Wong Water Treatment Plant, according to a Wednesday Malaysian bourse filing.Shares slid 1% in Thursday's midday trade.The project covers the construction of a new 30 MLD water treatment plant, a raw water intake system, booster pump stations, pipelines, a reservoir, and supporting buildings, including staff quarters. It also involves upgrading and refurbishing the existing plant and administrative facilities.Deal work is set to begin in June this year, with completion targeted in 30 months, it said.

$KLSE:PANSAR
International

China's May Day Holiday Consumption Up 14%

China's consumption-related industries saw sales revenue jump 14% year on year during the May Day holiday, according to the State Taxation Administration.Tourism and entertainment services rose 21%, while cultural services climbed 42% and sports services surged 44%.Health services jumped 40%, with health consultation services up 41%. Catering revenue rose 31%, driven by bars and teahouses at 52% and snack services at 42%.

$^SSEC$^SZSE