New Zealand central bank says its cut nearly 20% of staff since March

WELLINGTON (Reuters) -New Zealand’s central bank said in documents released on Wednesday that it had cut nearly 20% of its staff since March.

The central bank had previously announced it was undergoing a significant restructure after the government said in April that the bank’s budget would be cut by 25% in the 2025-26 financial year.

A fact sheet released by the central bank said employee headcount at the organisation had dropped to 554 on October 13, from 688 at the end of March.

It noted that 68 people had been made redundant as part of the restructure.

(Reporting by Lucy Craymer; Editing by Jamie Freed)