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New Zealand central bank to cut 20% of staff
The Reserve Bank of New Zealand (RBNZ) is set to cut about 20% of its staff after its funding was slashed by 25%.
The move follows a government push to shrink public sector spending and comes after officials decided the bank's recent budget request wasn't good value for money.
Total number of jobs that will go
142 jobs will go, including 32 that were already vacant.
RBNZ's workforce will drop from 660 to around 518 by October 13, 2025.
RBNZ became world's 1st central bank to use inflation targeting
Back in 1989, RBNZ became the world's first central bank to use inflation targeting—a bold idea at the time that ended up inspiring central banks everywhere.