Adrian Orr has been reappointed for a second five-year term as Reserve Bank of New Zealand (RBNZ) governor.

 

His appointment was unanimously recommended by the central bank's board, according to Finance Minister Grant Robertson.

 

He said the RBNZ had experienced significant change during Orr's first term as Governor, and his reappointment for a second term would ensure the changes were well established, RNZ reports.

 

"In light of global conditions, this is also a time when stability and continuity are paramount for the Bank," the Finance Minister stated.

 

"I am happy to endorse the recommendation of the board. I have full confidence that he will continue to display the same integrity and leadership in performing his duties as Governor in a challenging environment," Robertson added.

 

Orr took on the role of central bank governor in 2018, succeeding Graeme Wheeler, with his term expiring in 2023. As well as working at the OECD and Treasury, he was also a former head of the NZ Super Fund and chief economist at the Reserve Bank, Westpac and National banks.

 

Reuters reports that the Reserve Bank of New Zealand is dealing with considerable macro and local growth headwinds. The bank opted for aggressive tightening in an attempt to control surging inflation.

 

"Adrian has demonstrated the skills, knowledge and experience to help steer the financial system through the 1-in-100-year economic shock of the pandemic," Robertson said.

 

On Thursday, the central bank will publish its review of monetary policy decisions made over the last five years and two independent reviews of those decisions.