The Future of Money

Federated Farmers of New Zealand welcomes the opportunity submit to the Reserve Bank of New Zealand’s consultation on the Future of Money. This submission is mostly focused on the Stewardship issues paper, but we also comment briefly on the Central Bank Digital Currency issues paper.

This review is timely given recent trends in the monetary system. The Stewardship issues paper lists the continuing decline in the use of cash in transactions, digital innovation in money and payments, and opportunities to stimulate innovation in the wider payment system. The demise of cheques as a mode of payment and the closure or reduced hours of bank branches, especially in rural and regional New Zealand, are also impacting on how money is used and payments made.

Federated Farmers agrees that as steward of the monetary system the Reserve Bank should ensure, now and in the future, that the money it issues as a central bank is a stable value anchor for the monetary system, is available in a fair and equal way to pay and save and ensures New Zealanders have access to money in forms that suit them and their changing needs.

We therefore support the Reserve Bank taking a proactive approach, ensuring that the systems it oversees are modern, agile, and forward looking and that it works with other agencies in a collaborative and coordinated way with other agencies...
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