RBNZ outlines legal basis for its proposed cash standard following push back from banks

The Reserve Bank (RBNZ) says its preferred option for the introduction of its proposed cash standard, through which banks would provide cash services across the country for free, is for the standard to be voluntary. But says it will investigate statutory options under law if necessary. The RBNZ acknowledges, however, with any regulation it would be up to the Minister of Finance and Cabinet to decide whether it's necessary or desirable. The RBNZ unveiled its proposed cash standard in February, which would see New Zealand banks providing cash services across the country for free at an estimated annual cost to the banks ...