New Zealand’s central bank Governor Adrian Orr has resigned after seven years in office, stepping down on March 31. Deputy Governor Christian Hawkesby will take over as acting governor until then. Minister of Finance Nicola Willis plans to appoint a temporary governor from April 1 for up to six months.
Orr cited the need for adaptability and growth in a complex global environment during his seven-year tenure. Under his leadership, the bank has strengthened its capabilities and implemented changes to its monetary and financial policies. Notably, the RBNZ cut interest rates by 50 basis points to 3.75% in February.
New Zealand faced challenges including recession, high unemployment, and inflation. Inflation peaked at 7.3% in June 2022 but has since eased, providing room for rate cuts. Currently, headline inflation stands at 2.2%. The New Zealand dollar has strengthened to trade at 0.565 against the US dollar.
Source: https://www.cnbc.com/2025/03/05/rbnz-governor-resigns-after-seven-years-of-service.html