The New Zealand Reserve Bank plans to cut staff by about one-fifth over the next two months.

The Reserve Bank of New Zealand plans to cut about one-fifth of its staff 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 cut a net of 142 positions, which represents 21% of its approximately 660 employees. The affected staff are expected to leave by October 13th.