Interim official will serve six-month term
The Reserve Bank is preparing to recommend a candidate for a six-month interim governorship, with Deputy Governor Christian Hawkesby (pictured) serving as acting governor in the meantime.
This arrangement ensures steady leadership while the search for a permanent governor, slated for a full five-year term, continues.
The recommendation to appoint an interim governor will soon be submitted to the minister of finance, following the procedures outlined in the Reserve Bank Act 2021.
Acting leadership maintains stability
While the selection process is ongoing, Hawkesby will continue as the acting governor and CEO of the Reserve Bank.
Hawkesby also remains a member of the monetary policy committee (MPC), where he serves as the chair.
The MPC, consisting of three internal RBNZ staff and three external members, maintains its function with six members during this transitional period.
Adrian Orr’s legacy
Adrian Orr concluded his tenure as RBNZ governor on March 31, after seven years starting in March 2018.
During his tenure, Orr navigated through significant global economic upheavals and spearheaded major reforms including the Reserve Bank Act and Deposit Takers Act.
RBNZ governor appointment process and future plans
Under the current legislation, the minister of finance has the authority to appoint a governor for up to six months, following a recommendation from the RBNZ board. This term can be extended by an additional three months if needed.
Concurrently, the RBNZ board is also planning the process to select a governor for a full five-year term, aiming to ensure leadership stability and strategic continuity at the helm of the nation’s central bank.
