Former Reserve Bank Deputy Governor Adrian Orr has been appointed as the Reserve Bank Governor from March 2018. Finance Minister Grant Robertson said Orr was the unanimous choice of the Reserve Bank board.
While in his former role at Reserve Bank, Adrian made a huge contribution to the way the Reserve Bank regulates the financial system and monitors for financial stability in New Zealand. He has a deep understanding of New Zealand’s banking policy and regulation, macro-prudential assessment, foreign reserves, and bank liquidity management. His appointment was warmly welcomed by the banking and financial industry.
He is currently holding the office of Chief Executive of the Guardians of the New Zealand Superannuation Fund and will leave that role in March next year to take up the RBNZ Governor.
At the same time, Finance Minister Grant Robertson announced that the Reserve Bank will undergo a review and there will likely be changes to the objectives of the Reserve Bank to take into account economic growth, employment, in addition to inflation.
But as far as interest rates are concerned, they are likely to stay on hold until March next year.