WELLINGTON, Nov 24 — New Zealand’s National Party formally signed an agreement to form a new coalition government on Friday, more than 40 days after the election, with the role of deputy prime minister split between populist NZ First party leader Winston Peters and ACT party leader David Seymour.

National Party deputy leader Nicola Willis will be finance minister and Peters will be foreign minister, the three parties said in a joint statement.

"Despite the challenging economic environment, New Zealanders can look forward to a better future because of the changes the new Government will make,” National leader and incoming Prime Minister Christopher Luxon said in the statement.

The coalition revealed a series of policy changes that the coalition government will undertake, including narrowing the remit of the Reserve Bank Of New Zealand (RBNZ).

Luxon said the government will amend the Reserve Bank of New Zealand Act 2021 to remove the dual mandate on inflation and employment, to focus monetary policy only on price stability.

"The Reserve Bank will be properly focused on doing the job it should have been doing for the past three years,” ACT New Zealand leader David Seymour at a news conference following the announcement.

The coalition will also repeal a ban on offshore oil and gas exploration that was introduced by the previous Labour government, it said. — Reuters