Politicians are telling each other to stay out of the Reserve Bank's business or risk undermining its independence.
The Reserve Bank Act of 1989 gave the Reserve Bank full operational independence.
National Party leader John Key has urged the bank to bring interest rates down before its next meeting, following co-ordinated rate cuts by central banks around the world.
But one of the architects of the act, Sir Roger Douglas, says politicians should respect the governor's independence and leave it to him.
United Future leader Peter Dunne says that while politicians should not be directing the Reserve Bank, people need some reassurance and the bank has not provided it.
The US Federal Reserve, the European Central Bank, the Bank of England and central banks in China, Sweden, Switzerland and Canada on Wednesday cut their benchmark rates on Wednesday.
South Korea and Taiwan also cut their interest rates on Thursday.
The Reserve Bank of Australia cut its rate by a full percentage point from 7% to 6% on Tuesday. So far, New Zealand's central bank has not followed suit.
The Official Cash Rate is currently 7.5%.
