Reserve Bank of New Zealand (RBNZ) is out with a statement, announcing a new foreign reserves framework on Thursday, agreed upon by the central bank and New Zealand’s Minister of Finance.

“Minister of Finance and RBNZ board have agreed that an increase to foreign reserves holdings is needed.“

“We do not intend to make public any further details on the size or composition of this increase.“

“The transition to this higher level of foreign reserves will take place over a number of years.”