Overview

• Adrian Orr, governor of the Reserve Bank of New Zealand, announced his resignation effective March 31, three years before his term was set to end.
• Deputy Governor Christian Hawkesby will serve as acting governor until March 31, with a temporary governor to be appointed by the finance minister starting April 1.
• Orr's tenure included significant monetary policy shifts during the COVID-19 pandemic, but he faced criticism for both rapid rate cuts and subsequent aggressive hikes that contributed to a recession.
• His leadership also modernized the bank's operations, integrated Maori heritage into its framework, and transitioned to a consensus-based decision-making model.
• The resignation comes as New Zealand grapples with high unemployment, business failures, and its worst economic downturn since 1991 outside of the pandemic.