Former Reserve Bank of New Zealand Governor Adrian Orr resigned suddenly in March 2025, just weeks before the government announced a 25% funding cut to the central bank. Newly released documents confirm Orr stepped down after determining the bank could no longer fulfill its mandate under the reduced budget, which had been agreed to by the board and Finance Minister Nicola Willis.
Orr was reportedly willing to accept a 16.5% cut, but ultimately the board approved a sharper reduction to NZ$750 million in annual funding. The Reserve Bank said Orr felt he had “achieved all he could” and could not continue under the new constraints. His resignation followed a February 24 meeting with Willis and Treasury officials, after which Orr and RBNZ Chair Neil Quigley discussed and negotiated his departure.
Though sudden and largely unexplained at the time, the documents suggest the decision was personally difficult for Orr, and both parties retained legal counsel to formalise an exit. Former deputy governor Christian Hawkesby is serving as interim governor. Despite the upheaval, the bank has reported a smooth transition.
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Info via New Zealand media outlets.
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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