New Zealand central bank has a new governor
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.