Reserve Bank Governor not seeking another term

Reserve Bank Governor Graeme Wheeler today announced that he will not be seeking a second term as Governor when his current term ends on September 26, this year.

“It has been a great privilege to serve in this role, and in the remaining eight months I will remain fully focused on the economic challenges and opportunities facing the New Zealand economy. It was my intention, when I was appointed, to serve one term, and then to take on governance roles,” Wheeler said.

Wheeler was previously employed at the World Bank from 1997 until 2010, where he was managing director operations (2006-2010), and vice-president and treasurer (2001-2006). From 2010 to 2012, he ran his own advisory business in the United States.

Under section 40 of the Reserve Bank of New Zealand Act, the governor is appointed for a five-year term by the Minister of Finance, on the recommendation of the Reserve Bank Board.

The chair of the Reserve Bank Board, Professor Neil Quigley, said the Government has advised the board that, because of the proximity of the General Election this year, the Board’s recruitment process to identify a successor to Wheeler needs to commence later in the year, and an acting Governor would be appointed to cover the post-election caretaker period.

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