The Reserve Bank is cutting staff numbers as it restructures its operations.

The central bank's staff has increased from 237 to 272 over the past five years as its supervisory functions have broadened from banking to include finance companies and the insurance sector. It also established an Auckland office in 2011.

It cannot meet budget constraints by just cranking out more samples of the product.

A five-year funding agreement between the governor and the Minister of Finance specifies how much of the bank's income can be used to meet its operating expenses in any given year. For the current financial year it is $56.4 million, up from $55.2 million in 2013/14.


" ... we have been undertaking a review to ensure our resources are best structured to meet our strategic priorities and the funding constraints that we face over the next five years," a spokesman said.

"We identified a number of proposals, and consulted with staff on these before coming to decisions. The changes include small reductions in staffing in some departments, while other areas see some growth."

Eight new roles are being created, 19 disestablished, and four vacancies are being disestablished without having been filled. The net result is 15 fewer roles overall.