Saturday, July 20, 2024

Orr reappointed Reserve Bank Governor

Adrian Orr has been reappointed as Reserve Bank Governor, Finance Minister, Grant Robertson announced today.

“Following the Reserve Bank Board’s unanimous recommendation to me, I am pleased to reappoint Adrian for another five-year term, effective from 27 March 2023,” Mr Robertson said.

“The Reserve Bank has been undergoing a considerable period of change since Adrian’s appointment in 2018. The Reserve Bank of New Zealand Act 2021 came into force in July this year and has changed how the Bank operates and is governed. This has led to considerable change in the Bank’s strategy, people and culture.

“As the Governor, Mr Orr has been instrumental in leading this change and his reappointment will allow him to carry on and ensure these changes are bedded in.”

In light of global conditions, this is also a time when stability and continuity are paramount for the Bank, said Minister Robertson.

Under the Reserve Bank Act, the Bank’s main objectives are to achieve and maintain stability in the general level of prices over the medium term, support maximum sustainable employment, protect and promote the stability of New Zealand’s financial system.

“Adrian has demonstrated the skills, knowledge and experience to help steer the financial system through the 1-in-100 year economic shock of the pandemic. I am happy to endorse the recommendation of the Board. I have full confidence that he will continue to display the same integrity and leadership in performing his duties as Governor in what is still a challenging environment,” Mr Robertson said.

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