Story: Reserve Bank

Shepherding the economy (1st of 2)

Shepherding the economy

During the global financial crisis which started in 2007, banks and other financial institutions found it hard to borrow from international money markets. The Reserve Bank released more money into the banking system and slashed the official cash rate in order to underpin banking stability and maintain economic activity. This cartoon refers to the Reserve Bank's role in shepherding the New Zealand economy, protecting it from harm caused by financial institutions, represented here as a ravening sheep dog.

Using this item

Alexander Turnbull Library
Reference: DCDL-0008760
Cartoon by James Hubbard

Permission of the Alexander Turnbull Library, National Library of New Zealand, Te Puna Mātauranga o Aotearoa, must be obtained before any re-use of this image.

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How to cite this page:

John Singleton, 'Reserve Bank - Independence and supervision', Te Ara - the Encyclopedia of New Zealand, (accessed 25 June 2024)

Story by John Singleton, published 20 Jun 2012