The Reserve Bank continues business as usual with Deputy Governor Christian Hawkesby as Acting Governor and CEO until such time as the Minister makes an appointment under section 96 of the Reserve Bank Act 2021.
Mr Hawkesby remains a member of the Monetary Policy Committee and as Acting Governor will be the chair. The Monetary Policy Committee now has 3 internal RBNZ staff and 3 external members. The MPC will continue to operate with 6 members until a Governor on a five-year term is appointed. The MPC Chair holds a casting vote.
Under the Reserve Bank Act the Minister of Finance can appoint a Governor for a period of up to six months, following a recommendation from the RBNZ Board. This may be extended by the Minister of Finance for up to an additional three months.
Plans are also underway regarding the commencement of the process to appoint a Governor for a five-year term.
