Orr resigns

Reserve Bank of New Zealand Governor Adrian Orr has resigned and will finish up in the role at the end of the month.

Wednesday, March 5th 2025, 1:39PM

Orr, who was first appointed as Governor in March 2018, has given no reason for his resignation, but in his statement highlights hus achievements.

“I leave the role with consumer price inflation at target, and an economy in a cyclical recovery following the long period of Covid-related disruption. The financial system remains sound.

However, there is much work left to do on the major multi-year strategies RBNZ is following. Ongoing focus and funding will be critical to these projects’ success.”

“Over the last seven years we’ve significantly built our capability and capacity so we can respond to an increasing complex and challenging global environment. We’ve made considerable progress in our approach to monetary and financial policy, alongside driving much-needed maturity uplifts in our balance sheet capital, digital, data and technology.”

“We’ve advanced many major, multi-year programmes, to modernise and strengthen the RBNZ and the New Zealand financial system and led the implementation of strategies related to the Future of Money and Cash, Future of Payment and Settlements, Financial Inclusion, Climate Change, and Māori Access to Capital,” Orr says.

“I’m incredibly proud of the RBNZ’s people, our work and the impact of our mahi on all New Zealanders,” Mr Orr says.

RBNZ chairman Professor Neil Quigley Orr has been critical to leading the institutional reforms needed to implement the new Reserve Bank Act, Deposit Takers Act, and Depositor Compensation Scheme.

"In particular, Adrian has demonstrated resilience and fidelity to the bank in operationalising the changes in governance and decision-making that followed from the creation of a Monetary Policy Committee with external members from 2019 and the Reserve Bank Act coming into force in July 2022.”

“He has also driven a significant uplift in leadership and capability across the bank, and modernised its culture to reflect contemporary New Zealand society,” Quigley says.

Deputy Governor Christian Hawkesby will be Acting Governor until 31 March. From 1 April the Minister of Finance, on recommendation from the RBNZ Board, will appoint a temporary Governor for a period of up to six months. Mr Hawkesby will also chair the Monetary Policy Committee.

Tags: Adrian Orr Christian Hawkesby Reserve Bank