The government has named the first woman to be governor of the Reserve Bank in its 91-year history.
She is Dr Anna Breman, who has been the deputy governor of Sweden’s central bank, the Riksbank, since 2019.
Much attention has focused on who would assume the governor position, given its importance – and the rocky relationship the government had with previous governor, Adrian Orr.
The Reserve Bank identified 300 candidates for governor in a worldwide search before whittling to 10 and then a four-person shortlist before settling on Breman.
“Dr Breman comes to New Zealand with an impressive blend of technical skills and organisational leadership experience,” Finance Minister Nicola Willis said at the announcement.
“She holds a PhD in Economics from the Stockholm School of Economics and has previously been group chief economist at Swedbank, a leading Swedish commercial bank. She has also worked at the Swedish Ministry of Finance, the World Bank and as an academic economist in the United States.”
Willis said criteria they looked at included leadership, technical credentials, stakeholder engagement experience, personal resilience and cultural capability.
Breman said she was deeply honoured to take up the role and looking forward to moving to New Zealand.
She said the last 10 years had been tough for central banks facing first covid, then the Russian invasion of Ukraine and rising inflation.
“We are facing geo-political tensions and trade tensions which weigh on the New Zealand economy and other economies.”
She said she wanted to travel around the country to listen to people and communicate effectively. She said it was important to be present and available.
“I will travel the country, meet regular households and students to hear what they are saying. I also have extensive experience in communicating.”
Breman takes over as the head of the Reserve Bank of New Zealand after what has been a tumultuous period for the central bank.
The RBNZ Board said in a statement it was pleased with the quality of candidates it had surveyed and has welcomed the appointment of a new governor following a robust and extensive recruitment process.
It also revealed that interim Reserve Bank Governor Christian Hawkesby will help in the transition for Breman but will then leave.
“Anna’s experience spans central banking, academia and financial markets. She has strong technical knowledge within monetary policy, financial stability and payments systems after several years at the executive board at the Riksbank and an extensive international experience,” RBNZ board deputy chair Rodger Finlay said.
Christian Hawkesby will remain as interim Governor until November 30 and will then help in the transition.
He will then leave the Reserve Bank.
“The Board is grateful for Christian’s ongoing leadership and commitment to RBNZ,” Finlay said.
“We are very fortunate to have had him step into the role of Governor during a transformative time for RBNZ. We respect his decision to resign from RBNZ.”
Hawkesby said it was important to provide space for the new Governor to succeed.
“I am fully committed to supporting Anna and leading the RBNZ through this remaining period.”
Willis said Hawkesby had done an “admirable” job.
Breman takes over as the head of RBNZ after what has been a tumultuous period.
Hawkesby has been in the role since March after Orr’s sudden resignation.
Orr quit abruptly after a dispute with the Finance Minister Nicola Willis.
Reserve Bank chair Neil Quigley resigned in the aftermath of the Orr resignation, after nine years in the role.
