Petition to Require Reserve Bank of New Zealand to Issue All NZ Money

Positive Money NZ is proud to announce the launch of their petition calling on Parliament to inquire into giving the Reserve Bank of New Zealand the sole ability to issue all NZ money (notes, coin, electronic). On acceptance, the Clerk of the House will send our petition to a relevant Select Committee to consider our request in detail

If adopted, our proposal would end the role of private banks in creating and controlling our money supply. Contrary to popular belief, the vast majority (98%) of money circulating in our economy isn't issued by government, but by private banks when they create loans. This includes billions of dollars the NZ government borrows from banks to cover budget deficits.

In 1936 Michael Joseph Savage's government set a clear precedent for what we are proposing by using Reserve Bank credit to finance the construction of thousands of state houses and other vital infrastructure. This injected millions of pounds into the economy, enabling NZ to emerge from the Great Depression much sooner than most countries.

People can sign petition electronically at this link: https://www.parliament.nz/en/pb/petitions/document/PET_78901/petition-of-stuart-bramhall-require-reserve-bank-of-new