Wheeler may have sole power, but RBNZ monetary policy decisions are committee-driven

Thu, 10 Sep 2015

By Jonathan Underhill Sept. 10 (BusinessDesk) - Reserve Bank governor Graeme Wheeler may be one of the few central bank chiefs worldwide to rule by fiat, with the sole power to change monetary policy, dictate terms to lending institutions and decide when to intervene in the currency market, but he says in reality decisions are driven by committee. Wheeler cut the official cash rate a quarter point to 2.75 percent today and said another reduction is likely. His decision and the words he used to explain it sent the New Zealand dollar crashi...

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