International Monetary Fund Working Paper 94/37
Improving the Management of a Central Bank: A Case Study

This paper examines how major efficiency gains and improved effective­ness were simultaneously achieved at the Reserve Bank of New Zealand over a five-year period. It identifies the business management concepts that were used to transform the organiza­tion, outlines how they were applied, and evaluates the benefits obtained. The paper concludes that substantial real efficiency gains were achieved, while effectiveness was maintained or enhanced. Looking more widely, the business management concepts used to achieve these benefits could be applied to other central banks.