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Salient. Special Salient Issue. Careers Information Week. 1961

Reserve Bank Of New Zealand

page 7

Reserve Bank Of New Zealand

Economics is, at one and the same time, probably the most fascinating and the most exasperating of fields in which to work.

Exasperating, because every member of the population of working age considers himself to be an expert in economics simply because he draws a salary cheque or a weekly wage and because he heard his boss say that the net overseas assets of the Banking System had increased and therefore everything is all right.

Fascinating (if you areworking in the Reserve Bank of New Zealand), because you are working with day-to-day events and your interpretation of these events and the action taken on that interpretation can affect the prosperity and plans of every person in New Zealand.

It is one of the main functions of a central bank to advise the Government on monetary and foreign exchange matters, and to do this it must keep in close contact with developments in the economy generally and in financial fields particularly. Information from personal contacts, from publications and from the analysis of statistical trends is drawn together by the Bank's Economic Department into reports on which monetary policy is based.

In an endeavour to reduce the exasperation mentioned earlier the Bank publishes a monthly "Bulletin" whose graphs, tables and articles are aimed at giving the common man a better understanding of current economic events and basic economic truths. This is also compiled in the Economic Department.

Most of New Zealand's official statistics are compiled by the Government Statistician, but the Bank does gather and process several important series. The most well-known of these are various banking statistics and the statistics of overseas exchange transactions—the "balance of payments" figures released every month. While much of the work is done by data-processing machines, people with a training in economics are needed to guide the work and to ensure consistency of interpretation.

An extensive economic library, constantly supplemented by the latest books and periodicals, is available to keep the economic staff in touch with the up-to-date thought both in the theory and practice of economics.

This is of particular use to those who aretaking higher degrees. Every encouragement is given to staff members to do this—time off for lectures, study and examinations, payment of fees and a bonus on completion. In addition, the Bank sends members to various staff training courses (mainly of a banking nature), both in New Zealand and overseas.

The Bank is confident that its salaries and conditions compare well with those being generally offered in New Zealand today—not the least of the fringe benefits is the opportunity the Economic Department offers for stimulating arguments with people with interesting views on any topic.

The opportunities for advancement within the Economic Department are excellent and for those who show a flair for administration and a predilection for the practical there are openings in the Bank's "operating" departments, Chief Cashier's, Chief Accountant's and Secretary's—which deal with banking operations, exchange and advance control, the registration of Government and Local Authority stock and the various other matters which come within a Central Bank's sphere.

For further information on what the Bank offers, get in touch with the Secretary, phone 41-095.