Policy Targets Agreements

The Reserve Bank Act requires that price stability be defined in a specific and public contract, negotiated between the government and the Reserve Bank. This is called the Policy Targets Agreement (PTA). The current PTA, signed in November 2017, defines price stability as annual increases in the Consumers Price Index (CPI) of between 1 and 3 percent on average over the medium term, with a focus on keeping future average inflation near the 2 percent target midpoint.

Latest Edition
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Policy Targets Agreement November 2017
Policy Targets Agreement, 07/11/2017
Policy Targets Agreement November 2017 (PDF 1.07 MB)
Previous agreements