NZ Reserve Bank governor Adrian Orr resigns
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The news: Reserve Bank of New Zealand governor Adrian Orr has resigned and will step down from the role on 31 March.
The context: Deputy governor Christian Hawkesby will serve as acting governor until 31 March, after which a temporary governor will be appointed from 1 April for a period of up to six months. Hawkesby will also chair the central bank’s monetary policy committee in the interim.
What they said: "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," said Orr, who was first appointed as governor in March 2018.
"... I leave the role with consumer price inflation at target, and an economy in a cyclical recovery following the long period of COVID-related disruption."
RBNZ board chair Neil Quigley said: "Adrian has been critical to leading the institutional reforms needed to implement the new Reserve Bank Act, Deposit Takers Act, and Depositor Compensation Scheme.
"In particular, Adrian has demonstrated resilience and fidelity to the bank in operationalising the changes in governance and decision-making that followed from the creation of a monetary policy committee with external members from 2019 and the Reserve Bank Act coming into force in July 2022."
The source: RBNZ media release
