Former World Bank managing director Graeme Wheeler will be the new Reserve Bank Governor, taking over after Alan Bollard's second five-year term expires on September 25.
Wheeler will be governor-designate until a new policy targets agreement is finalised in the next few months. This is required before a new governor is appointed.
Wheeler, a New Zealander, currently lives in the United States and runs his own advisory business.
From 1997 to 2010, he was employed by the World Bank. His most recent roles there included managing director operations (2006-2010), and vice-president and treasurer (2001-2006). Previously, he was at the New Zealand Treasury as deputy secretary and treasurer of the Debt Management Office.
“Mr Wheeler’s extensive experience makes him a highly respected figure in world financial markets and within New Zealand,” finance minister Bill English said . “We were fortunate to have someone of his calibre available for this important role.”
English did not envisage any major changes to the policy targets agreement.
“I consider that the current PTA has served New Zealand well and there are benefits in maintaining consistency in the PTA.
“However, the global financial crisis has focused some attention on monetary policy frameworks, and I want to ensure that the PTA continues to reflect best international practice.”
The Reserve Bank board of directors recommended Wheeler’s appointment to English after an extensive recruitment process domestically and internationally.
English also paid tribute to Dr Bollard.
“He helped steer the New Zealand financial system through the biggest global crisis in several generations. At the same time, he ensured that this country continued to enjoy one of the most stable inflation environments in the world.”