The Reserve Bank of New Zealand plans to lay off about one-fifth of its staff in the next two months.

Jin10 Data reported on August 11 that the Reserve Bank of New Zealand plans to cut about one-fifth of its workforce in the next two months in response to the government's decision to restrict its funding. A spokesperson said on Monday that the bank intends to net cut 142 positions, which accounts for 21% of its approximately 660 employees. Affected personnel are expected to leave by October 13. The Reserve Bank of New Zealand stated in April this year that it would review its spending and staffing levels after reaching a five-year funding agreement with the government that was below its original expectations. The then-Governor, Orr, believed that the revised funding was insufficient to effectively carry out all responsibilities, which is seen as the reason for his unexpected resignation in early March.