Adrian Orr Appointed as New Governor of RBNZ

Adrian OrrAdrian Orr has been recently selected as the new Governor of RBNZ (Reserve Bank of New Zealand). The appointment was confirmed by Grant Roberson who is the Finance Minister of New Zealand. Mr Orr was earlier holding the post of Superannuation Fund Chief Executive. Since the new governor is a distinguished economist, his recent announcement has made the Kiwi dollar rally against Greenback to trade at 0.6890 levels.

Orr was selected by the Finance Minister after unanimous voting by the Board of Reserve Bank. The board members were of the opinion that the new governor would be able to function well and guide the country in a better manner which in turn can help the economy to grow.

He will be assuming his new responsibilities on March 27, 2018, and would hold office for five years. Grant Spencer is the acting Governor at the moment after the previous Governor Graeme Wheeler got retired earlier in September last year.

The Finance Minister Grant Roberson made the following statement at a press conference:

I’m delighted the Board has been able to secure a Governor with such a strong track record of delivery and public service. Orr has the technical and leadership qualities required to be Governor and CEO of the Reserve Bank. Further, I consider that he has the skills necessary to successfully lead the Bank through a period of change.

RNZ

While making his announcement, the Finance Minister also thanked the acting governor Spencer for his exemplary service and wished him well for his future endeavours. Neil Quigley who is the Chairperson of Reserve Bank of New Zealand made the following comment:

Adrian Orr has a significant breadth of knowledge across central and commercial banking, economics, financial markets, and regulation.

The appointment for the new Governor has come into force at a time when the new government wants to include the employment objectives in the mandate of RBNZ. The analysts are of the opinion that interest rates would not soar high due to the mandate. The market is anxiously waiting for the opinion of Adrian Orr in this matter.

For the past two months, the Kiwi dollar has been in a bearish zone because of the election uncertainties. The dollar is also on the decline due to US tax reforms and Greenback strengthening. Shortly, the financial market would be closely monitoring the statements made by the new Governor of Reserve Bank of New Zealand.

Steven Rudford

Steven Rudford

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