New Zealand Reserve Bank Concedes Role in Country’s Skyrocketing Inflation

Reserve Bank Governor Adrian Orr speaks during a press conference at the Reserve Bank of New Zealand, in Wellington, New Zealand, on March 16, 2020. Hagen Hopkins/Getty Images

The governor of New Zealand’s central bank admitted to the institution’s role in contributing to the country’s high inflation rate.

As the Reserve Bank of New Zealand (RBNZ) undertakes the first ever review of its monetary policy remit, governor Adrian Orr acknowledged a research paper on how the institution’s mistakes after 2019 led to inflation.