This ahead of two members' terms expiring in 2024
The Reserve Bank of New Zealand has started a public appointment process to seek two external members of the monetary policy committee to replace two current members whose terms will expire in 2024.
MPC is responsible for maintaining a stable general level of prices over the medium term and supporting maximum sustainable employment. It is made up of four internal RBNZ members and three external members, whose task is to make monetary policy decisions, including setting the official cash rate.
The new MPC members will succeed Caroline Saunders (pictured above left) and Peter Harris (pictured above right), whose terms will end on June 30, 2024 and March 31, 2024, respectively.
Neil Quigley, board chair, said “suitably qualified candidates will be interviewed later this year and assessed against the appointment criteria.”
Among the criteria candidates were required to meet are expertise in monetary policy and macroeconomics (including those carrying out ongoing research in these areas) and relevant professional knowledge, skills, and experience in public policy and banking.
Applicants also need to have a strong understanding of conflicts of interest, the market sensitivity associated with monetary policy decisions, and the constraints on other activities that are necessarily associated with membership of the MPC.
MPC appointments are made by the minister of finance, on the recommendation of the board. Members serve four-year terms, and may be reappointed for a second term.
“The final appointment decisions and timing is up to the minister, but we expect appointments to be announced by early 2024,” Quiqley said.
After their induction, the two new MPC members will officially commence their new role on April 1 or July 1, 2024.
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