Reserve Bank of New Zealand's new Governor, Adrian Orr

The Reserve Bank of New Zealand has a new governor, Adrian Orr, who will begin his tenure at the head of New Zealand's central bank on March 27th. Governor Orr reaffirmed his dedication to the previous leadership's plans for the NZ economy going forward.

Key highlights:

• Is 'comfortable' with planned reforms to the RBNZ.
• Expects to sign the Policy Target Agreement before he takes office.

Orr previously served as the RBNZ governor for four years before joining the New Zealand Super Fund in 2007. Orr is widely considered an accomplished economist and is anticipated to maintain the RBNZ's current targets going forward.

The Policy Target Agreement is a publicly-available document that must be re-negotiated and signed every time a new head of the RBNZ is selected, and targets for price stability must be included in its terms.