Finance Minister Nicola Willis has appointed Christian Hawkesby, the acting Reserve Bank governor, as governor for a six-month term.
“I am proud to step into the role of governor and continue contributing to our mission of working to enable economic prosperity and wellbeing for all New Zealanders,” Hawkesby said in a statement.
The appointment takes effect today and may be extended for up to three additional months with written notice.
The Reserve Bank board has also initiated the recruitment process to select a permanent governor, who will serve a five-year term.
“Hawkesby is an experienced central banker who has held a number of senior positions at the Reserve Bank,” Finance Minister Willis said.
Reserve Bank’s board chair Neil Quigley described Hawkesby’s leadership and expertise as “invaluable to Te Pūtea Matua since he joined the Reserve Bank in 2019.”
“His appointment reflects both his contributions and our confidence in his ability,” Quigley added.
Prior to his tenure at the Reserve Bank, Hawkesby helped set up Harbour Asset Management and held senior positions during his nine-year career at the Bank of England. He holds a Master of Commerce in Economics from the University of Canterbury.
During Hawkeby’s appointment, the Monetary Policy Committee, responsible for setting the Official Cash Rate (OCR), will operate with six members instead of the usual seven. The committee will consist of three Reserve Bank staff and three external members.
Hawkesby will possess the decisive vote in case of a tie.
Former Reserve Bank Governor’s Resignation
Christian Hawkesby’s appointment as the Reserve Bank Governor for a specified term follows the recommendation of the Reserve Bank board and succeeds Adrian Orr’s resignation from the role last month.
Orr’s resignation took effect on March 31, nearly three years before the scheduled end of his tenure.
Reporters sought clarification from Finance Minister Nicola Willis and other ministers regarding Adrian Orr’s resignation, but they declined to provide details, stating that Orr’s decision to step down was a “personal decision.”