The Reserve Bank of New Zealand (RBNZ) has confirmed that it has cut almost 20% of its workforce since March this year, according to official documents published.
The decision reflects the central bank's tighter cost management in an economic environment that is currently facing the pressure of global market uncertainty.
The reduction in staffing indicates that the central bank is prepared to take drastic steps not only in monetary policy but also in its internal operating structure to adapt to the changing economic framework.
The RBNZ stated that the staff cuts are part of an organizational restructuring aimed at improving efficiency and adapting to the evolving technology and data needs of the modern financial environment.
While the staff reduction measure may save costs in the short term, it has also raised concerns among observers about the potential loss of expertise and the impact on the implementation of critical financial supervision functions.
This situation is also expected to affect the financial services labor market in New Zealand, where central banks and related institutions are likely to review their human resources strategies and the maintenance of their technical capabilities.
