China AI: Bernstein sees chipmakers benefiting from Nvidia scrutiny
Investing.com-- Reserve Bank of New Zealand Governor Adrian Orr will resign after nearly seven years in his role, the central bank said on Wednesday, offering no reason for his abrupt departure.
Orr will step down by the end of March, the RBNZ said, with Deputy Governor Christian Hawkesby to fill in as acting governor until then. The Ministry of Finance will name an interim governor on April 1.
Orr resigned just over a year into his second five-year term, and gave no reason for his departure.
His resignation comes as the RBNZ embarks on an extended rate cut cycle aimed at shoring up local economic growth, following years of sticky inflation and laggard growth.
Orr led the RBNZ through a tumultuous period in his first term, with the bank being among the first major global lenders to cut interest rates in the face of the COVID-19 pandemic.
While the central bank had then attempted to begin hiking rates by 2022, its efforts were stymied by two devastating cyclones in New Zealand, which battered the economy and underscored the need for easier monetary conditions.
This saw New Zealand inflation run higher for longer than expected, drawing a series of sharp rate hikes by the RBNZ, which were criticized by the government.
But the central bank then began cutting interest rates in 2024, as inflation showed more signs of remaining sustainably within the RBNZ’s 2% to 3% annual target.