Central bank to appoint new external member for its MPC by October
The Reserve Bank has officially commenced the public appointment process to select a new external member for its Monetary Policy Committee.
This move comes as Professor Bob Buckle prepares to step down at the end of his term on Sept. 30, 2025. It also follows Christian Hawkesby’s appointment as RBNZ governor for a six-month term.
The MPC, critical in maintaining price stability over the medium term, consists of both internal and external members who collectively make key monetary policy decisions, including the setting of the official cash rate.
Structure and responsibilities of the MPC
The MPC includes four internal members from RBNZ and three external members.
Currently, there is a vacancy for an internal member, which is expected to be filled later in the year.
The process to replace Buckle will focus on finding a suitable external candidate to contribute to the seven-member committee’s crucial economic decisions.
Selection process and criteria
The appointment of the new external member is overseen by the minister of finance, based on recommendations from the RBNZ board.
“Suitably qualified candidates will be interviewed later this year and assessed against the appointment criteria, then the name of the candidate recommended by the board will be provided to the minister of finance,” said Neil Quigley (pictured), RBNZ board chair.
Candidates will be evaluated based on their expertise in monetary policy and macroeconomics, their professional knowledge in public policy and banking, and their ability to manage conflicts of interest related to the sensitive nature of monetary policy decisions.
Appointment timeline and expectations
The selection process is rigorous, with the final appointment decision resting with the minister of finance.
“We anticipate an appointment to be announced by the end of September,” Quigley said.
The new external member is slated to commence their role on Oct. 1.
Further information and application details
Individuals interested in the role can find more details and the application pack on the RBNZ website.
The MPC members, both internal and external, serve fixed terms, with the possibility of reappointment depending on their initial term length.
For more detailed information about the Monetary Policy Committee and the application process, please visit the designated contact page.
