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flag New Zealand plans to cut the Reserve Bank's funding by 25%, capping its budget at NZ$150 million annually.

flag New Zealand's government plans to cut the Reserve Bank of New Zealand's (RBNZ) funding by 25%, capping annual expenditure at NZ$150 million over the next five years. flag Finance Minister Nicola Willis argues the RBNZ's budget request of NZ$1.03 billion was not value for money, citing overstaffing in HR and communications. flag Critics warn the cuts may lead to job losses and affect the bank's operations. flag The RBNZ's staff numbers have increased significantly since 2017, expanding from 255 to 660. flag The new budget is still 21% higher than the RBNZ's previous budget.

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