The Reserve Bank of New Zealand has reappointed Adrian Orr as its governor, giving him a second term of five years.

“Following the Reserve Bank board’s unanimous recommendation to me, I am pleased to reappoint Adrian for another five-year term effective from March 27, 2023,” Finance Minister Grant Robertson said. “The Reserve Bank has been undergoing a considerable period of change since Adrian’s appointment in 2018 – the Reserve Bank of New Zealand Act 2021 came into force in July this year and has changed how the bank operates and is governed. This has led to considerable change in the bank’s strategy, people, and culture. As the governor, Mr Orr has been instrumental in leading this change and his reappointment will allow him to carry on and ensure these changes are bedded in.”

Robertson said the current global conditions made stability and continuity in the Reserve Bank paramount.

“Adrian has demonstrated the skills, knowledge, and experience to help steer the financial system through the one-in-100-year economic shock of the pandemic,” Robertson said. “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 what is still a challenging environment.”

Under the Reserve Bank Act, the bank aims to achieve and maintain stability in the general level of prices over the medium term, support maximum sustainable employment, and protect and promote the stability of Aotearoa New Zealand’s financial system.

Prior to joining the Reserve Bank as chief manager of its economics team in 1997, Orr held various economist roles with the New Zealand Institute of Economic Research, the OECD, Westpac, and National Bank. Before his appointment as Reserve Bank Governor in March 2017, Orr was chief executive officer of the Guardians of New Zealand Superannuation Fund.