Reserve Bank Governor Adrian Orr Resigns After Seven Years of Service

“I thank Mr. Orr for his dedication and contribution to the Reserve Bank of New Zealand. I wish him well for the future,” Willis said.

Finance Minister Nicola Willis has acknowledged the resignation of Reserve Bank Governor Adrian Orr, expressing gratitude for his seven years of service and leadership at the institution.

“I thank Mr. Orr for his dedication and contribution to the Reserve Bank of New Zealand. I wish him well for the future,” Willis said.

Adrian Orr was first appointed as Governor in March 2018 and has played a significant role in shaping New Zealand’s monetary policy, particularly through economic challenges such as the COVID-19 pandemic and inflationary pressures. His tenure saw the implementation of key financial policies and the introduction of new regulatory frameworks to ensure the stability of the financial system.

With his departure, Deputy Governor Christian Hawkesby will step in as Acting Governor until March 31, 2025. Hawkesby has been serving as Deputy Governor since 2022 and brings extensive experience in financial markets and monetary policy.

Looking ahead, the Minister of Finance, upon recommendation from the Reserve Bank of New Zealand (RBNZ) Board, will appoint a temporary Governor from April 1. This interim leader will serve for up to six months while the process for selecting a permanent successor is finalized.

The transition comes at a crucial time for the Reserve Bank, as it continues to navigate economic recovery, inflation control, and financial stability in New Zealand.

More details regarding the appointment process and potential candidates are expected to be announced in the coming weeks.