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New Zealand plans to cut the Reserve Bank's funding by 25%, capping its budget at NZ$150 million annually.
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.
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.
Critics warn the cuts may lead to job losses and affect the bank's operations.
The RBNZ's staff numbers have increased significantly since 2017, expanding from 255 to 660.
The new budget is still 21% higher than the RBNZ's previous budget.
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Nueva Zelanda planea recortar el financiamiento del Banco de la Reserva en un 25%, limitando su presupuesto a NZ$150 millones anuales.