FX.co ★ New Zealand Govt Amends Monetary Policy Remit

New Zealand's government amended the monetary policy remit on Wednesday, removing employment as an objective.

The statement said the amended remit retained an inflation target of 1 percent to 3 percent over the medium-term, with a focus on the 2 percent mid-point.

The objective to support maximum sustainable employment was removed from the remit. The central bank will now focus only on price stability.

"Alongside the new Remit, the MPC has also agreed to changes to the MPC's Charter with the Minister of Finance," the bank said in the statement.