New Zealand’s government removes employment from RBNZ mandate

New Zealand’s new coalition government passed legislation on Wednesday, abandoning the Reserve Bank of New Zealand's (RBNZ) dual mandate, only focusing on price stability. 

New Zealand’s Finance Minister Nicola Willis amended the Remit for the RBNZ’s Monetary Policy Committee (MPC), removing the objective to support maximum sustainable employment, MNI reported. Willis kept the bank's 1-3% inflation target.