Reserve Bank Governor Adrian Orr has resigned.
He will finish in the role on March 31.
Orr was first appointed to the role in March 2018. He was reappointed for a second five-year term effective from March 2023, which should have taken his tenure through to 2028.
“We’ve advanced many major, multi-year programmes, to modernise and strengthen the RBNZ and the New Zealand financial system and led the implementation of strategies related to the Future of Money and Cash, Future of Payment and Settlements, Financial Inclusion, Climate Change, and Māori Access to Capital,” Orr said today, in a statement announcing his resignation.
“I’m incredibly proud of the RBNZ’s people, our work and the impact of our mahi on all New Zealanders.
“I leave the role with consumer price inflation at target, and an economy in a cyclical recovery following the long period of Covid-related disruption. The financial system remains sound.
“However, there is much work left to do on the major multi-year strategies RBNZ is following. Ongoing focus and funding will be critical to these projects’ success.”
In a brief statement, Finance Minister Nicola Willis acknowledged Orr’s resignation, and his seven years of service. “I wish him well for the future,” Willis said.
Orr has had a long and storied career, having worked as chief analyst at the Treasury; chief economist at the National Bank and the Westpac Banking Corporation; and as deputy governor and head of financial stability at the Reserve Bank. He also served as the CEO of the Guardians of the New Zealand Superannuation Fund from 2007 until his appointment as the Reserve Bank governor.
RBNZ Board chairman Professor Neil Quigley thanked Orr for his leadership and commitment to the central bank.
“Adrian has been critical to leading the institutional reforms needed to implement the new Reserve Bank Act, Deposit Takers Act, and Depositor Compensation Scheme.
“In particular, Adrian has demonstrated resilience and fidelity to the Bank in operationalising the changes in governance and decision-making that followed from the creation of a Monetary Policy Committee with external members from 2019 and the Reserve Bank Act coming into force in July 2022,” he said.
“He has also driven a significant uplift in leadership and capability across the Bank, and modernised its culture to reflect contemporary New Zealand society.”
Orr succeeded Grant Spencer, who was appointed Acting Governor of the Reserve Bank of New Zealand in October 2017 for six months after the departure of Graeme Wheeler.
Next, Deputy Governor Christian Hawkesby would serve as Acting Governor, effective immediately, until March 31. The Minister of Finance would appoint a temporary Governor from April 1, on a recommendation from the RBNZ Board, for a period of up to six months. Hawkesby would also chair the Monetary Policy Committee.
A Reserve Bank conference on monetary policy tomorrow morning was set to be opened by Orr, but this would also now be done by Hawkesby.
