RBNZ governor resigns after seven years of service

[Pelican Press 0]

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RBNZ governor resigns after seven years of service

Adrian Orr, governor of the Reserve Bank of New Zealand (RBNZ), speaks during a news conference in Wellington, New Zealand, on Thursday, Aug. 9, 2018.

Birgit Krippner | Bloomberg | Getty Images

New Zealand central bank’s Governor Adrian Orr will step down at the end of this month after seven years of leading the bank, according to

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Deputy Governor Christian Hawkesby will be acting governor until March 31, as well as chair the Monetary Policy Committee. New Zealand’s minister of finance will appoint a temporary governor from April 1 for a ******* of up to six months.

“Over the last seven years we’ve significantly built our capability and capacity so we can respond to an increasing complex and challenging global environment,” Orr said in a statement.

“We’ve made considerable progress in our approach to monetary and financial policy, alongside driving much-needed maturity uplifts in our balance sheet capital, digital, data and technology.”

The country grappled with a recession in its

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last year. The RBNZ last cut its rate by 50 basis points to

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New Zealand has also been plagued with high unemployment figures that have seen foreigners leave the country in droves.

In the June quarter 2022, New Zealand’s annual 

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, its highest level in over three decades. The country’s inflation has since eased, offering the central bank room to cut rates. New Zealand reported headline inflation rate of 2.2% in the quarter ended December 2024.

Finance Minister Nicola Willis

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. “I wish him well for the future,” Willis said, and also welcoming deputy governor Hawkesby.

The New Zealand dollar strengthened to trade at 0.565 against the greenback.

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