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•  Adrian Orr is stepping down at the end of the month.
• He made the announcement today, four years before the end of his second five-year term.
• Orr didn’t provide a reason for his departure.

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

Orr was first appointed as Governor in March 2018. Deputy Governor Christian Hawkesby will be Acting Governor until March 31.

On April 1, the Minister of Finance, on recommendation from the RBNZ Board, will appoint a temporary Governor for up to six months. Hawkesby will also chair the Monetary Policy Committee.

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

“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.”

Orr didn’t provide a reason for his departure.

The RBNZ’s annual report shows Orr earned $804,802 in total remuneration for the year to June 30, 2024.

He presided from 2021 until last year over an era of rising inflation and interest rates.

But the Official Cash Rate (OCR) has fallen from 5.5% last June to 3.75% today.

In late 2023, Orr said inflation was undoubtedly the “number one evil” for everybody in the economy.

Orr today said the RBNZ had advanced many major multi-year programmes to modernise and strengthen the central bank.

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

“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.”

Orr said there was still much work to be done.

Reserve Bank Board chair Professor Neil Quigley thanked Orr for his leadership and commitment to the central bank.

”Adrian has been critical to leading the institutional reforms needed to implement the new Reserve Bank Act, Deposit Takers Act and Depositor Compensation Scheme,” Quigley said.

In 2023, the new coalition Government’s first bill was a law change that sent the Reserve Bank back to having a single mandate of maintaining price stability – essentially to keep inflation low.

Orr was reappointed for a second five year term in November 2022 by the previous Labour-led Government. He wasn’t due to finish up at the Reserve Bank until March 2028.

At the time the move was condemned by Nicola Willis who said the National Party was “appalled” by the decision. It wanted Orr to be given a 12 month extension instead.

Finance Minister Nicola Willis acknowledged Orr’s seven years of service.

“I wish him well for the future,” Willis said today.

More to come