Thursday, July 18, 2024

New appointments to RBNZ Monetary Policy Committee

Economists, Carl Hansen and Professor Prasanna Gai, have been appointed to the Reserve Bank Monetary Policy Committee.

The Monetary Policy Committee (MPC) is the independent decision-making body that sets the Official Cash Rate which determines interest rates. 

Carl Hansen, the executive director of Capital Strategic Advisors, replaces Peter Harris who retires from the MPC at the end of March. 

Professor Gai, the Professor of Macroeconomics at the University of Auckland and Head of the Departments of Economics, Accounting & Finance, and Property, replaces Caroline Saunders who is retiring at the end of June. 

Finance Minister, Nicola Willis said Mr Hansen and Professor Gai are both highly-qualified and have been appointed on the recommendation of the Reserve Bank’s board on the basis of their professional knowledge, skills and experience, including in the areas of economics and monetary policy.

In order to avoid the potential for any perceived or actual conflicts of interest, Capital Strategic Advisors will not undertake any work for financial sector clients while Mr Hansen is a member of the MPC, the Minister confirmed. As Mr Hansen is also an advisor to Meridian Energy, he will not participate in any discussion relating to Meridian Energy’s fixed-interest funding arrangements, she said.

The Finance Minister thanked Peter Harris and Caroline Saunders for their service to the MPC. 

Carl Hansen has been appointed for a three-year term; Professor Gai has been appointed for a four-year term.

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