New Zealand cen­tral bank has a new gover­nor

Banking Frontiers - - Regulator -

The Re­serve Bank of New Zealand has a new gover­nor. Adrian Orr, who was head­ing the New Zealand gov­ern­ment’s sov­er­eign wealth fund, has been ap­pointed gover­nor of the cen­tral bank ef­fec­tive 27 March 2018. He will have a five-year term. Orr is ex­pected to over­see the big­gest over­haul of New Zealand’s cen­tral bank since it pi­o­neered in­fla­tion tar­get­ing in the early 1990s. He was a for­mer deputy gover­nor and chief econ­o­mist at the cen­tral bank. The gov­ern­ment said Orr will be re­spon­si­ble for tran­si­tion­ing the cen­tral bank to a Fed-style dual man­date. In ad­di­tion to the chal­lenges of in­tro­duc­ing a new man­date, Orr takes the helm of a cen­tral bank that has faced crit­i­cism for its com­mu­ni­ca­tion in re­cent years.

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