(New Zealand) The Reserve Bank of New Zealand has become a member of the Basel-based Bank for International Settlements.The organisation, which counts central banks from Australia, the US, the UK and France among its 49 members, provides emergency funding to the world’s monetary system.
An RBNZ statement said the bank had paid NZ$100 million for a stake in the organisation.
It said the benefits of becoming a member included increased access to foreign currency funding, “which in a crisis could enhance the bank’s capabilities to intervene in markets to maintain stability”.