Orr quits Reserve Bank

Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr has resigned and will finish in the role on March 31.

Orr, who was first appointed as governor in March 2018, says it has been a privilege to lead an institution that plays a key role in the economic wellbeing and prosperity of all New Zealanders.

“Over the last seven years we’ve significantly built our capability and capacity so we can respond to an increasingly complex and challenging global environment,” he adds. 

“We’ve made considerable progress in our approach to monetary and financial policy, alongside driving much-needed maturity uplifts in our balance sheet capital, digital, data and technology.”

He notes the Reserve Bank has also advanced multi-year programmes to modernise and strengthen the organisation and the New Zealand financial system.

“I’m incredibly proud of the RBNZ’s people, our work and the impact of our mahi on all New Zealanders,” Orr continues.

“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.”

RBNZ board chair Professor Neil Quigley thanked Orr for his leadership and commitment to the central bank. 

Deputy Governor Christian Hawkesby will be acting governor until March 31 and also chair the Monetary Policy Committee.

A temporary governor will be appointed from April 1 by the Minister of Finance, on recommendation from the RBNZ board, for a period of up to six months.