FX.co ★ RBNZ to Make Monetary Policy Committee Vote Public for Transparency

New Zealand will begin publishing the individual votes of members of the central bank’s Monetary Policy Committee (MPC) whenever the committee fails to reach a consensus, in a move designed to increase transparency and improve public understanding of monetary policy decisions.

The change, which takes effect on Thursday, was agreed by Finance Minister Nicola Willis and the Reserve Bank of New Zealand’s MPC, which sets the official cash rate, according to Reuters.

Willis said the reforms will relax current restrictions, giving MPC members greater freedom to speak publicly about monetary policy while still complying with rules that guarantee equal access to information. “The Monetary Policy Committee will also begin attributing material differences in views in its records of meetings,” she said in a statement.

Reserve Bank Governor Anna Breman said the new measures will enhance transparency around individual members’ views and strengthen the committee’s accountability.