The Reserve Bank of New Zealand (RBNZ) (Māori: Te Pūtea Matua) is the central bank of New Zealand. It was established in 1934 and is currently constituted under the Reserve Bank of New Zealand Act 2021. The current governor of the Reserve Bank, Anna Breman, is responsible for New Zealand's currency and operating monetary policy.
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👉 Reserve Bank of New Zealand in the context of Cash rounding
Cash rounding or Swedish rounding (New Zealand English) occurs when the minimum unit of account is smaller than the lowest physical denomination of currency. The amount payable for a cash transaction is rounded to the nearest multiple of the minimum currency unit available, whereas transactions paid in other ways are not rounded (for example electronic funds transfer such as with payment cards, or negotiable instruments such as cheques). Cash rounding typically occurs when low-denomination coins are removed from circulation owing to inflation. Cash rounding may be a compulsory legal requirement if such coins are no longer legal tender, or a voluntary practice where they remain in circulation but are scarce or impractical.
Cash rounding (Swedish: öresavrundning, lit. 'öre rounding') was introduced in Sweden in 1972 when 1 and 2 öre coins were withdrawn from circulation, and has continued to be applied at incremental levels as smaller denomination coins have been withdrawn. The current level of cash rounding in Sweden is to the closest whole krona, after the 50 öre coin was withdrawn in 2010. The Reserve Bank of New Zealand used the name "Swedish rounding" in 1990 when withdrawing their 1- and 2-cent coins. In Canada, cash rounding to the nearest nickel (5 cents) due to the elimination of the penny in 2013 is also called penny rounding.
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Reserve Bank of New Zealand in the context of Lender of last resort
In public finance, a lender of last resort (LOLR) is a financial entity, generally a central bank, that acts as the provider of liquidity to a financial institution which finds itself unable to obtain sufficient liquidity in the interbank lending market when other facilities or such sources have been exhausted. It is, in effect, a government guarantee to provide liquidity to financial institutions. Since the beginning of the 20th century, most central banks have been providers of lender of last resort facilities, and their functions usually also include ensuring liquidity in the international markets in general.
The objective is to prevent economic disruption as a result of financial panics and bank runs spreading from one bank to the others due to a lack of liquidity in the first one.
Reserve Bank of New Zealand in the context of Anna Breman
Anna Breman (born 1976) is a Swedish banker and economist. Anna Breman took up the position of governor of the Reserve Bank of New Zealand on 1 December 2025. Her term of appointment to the RBNZ runs from 1 December 2025 to 30 November 2030. She was formerly the First Deputy Governor of the Sveriges Riksbank, the central bank of Sweden.