New Zealand central bank has a new governor

Reported by: |Updated: December 18, 2017

The Reserve Bank of New Zealand has a new governor, Adrian Orr, who will begin his 5-year term in March 2018. He is expected to oversee the biggest overhaul of New Zealand’s central bank since it pioneered inflation targeting in the early 1990s. Orr was a former deputy governor and chief economist at the RBNZ. At present, he is heading the government’s sovereign wealth fund, which has swelled to more than NZ$37 billion ($26 billion) under his decade-long leadership. He is being tasked with transitioning the RBNZ to a Fed-style dual mandate under the new Labor-led government, which plans to make full employment one of the bank’s primary aims alongside price stability.