Former World Bank managing director Graeme Wheeler is to be the new Reserve Bank Governor.
Finance Minister Bill English today said Wheeler would take over after Alan Bollard's second five-year term expires on 25 September.
He said he did not envisage any major changes to the policy targets agreement, but left the door open to tweaking it.
"I consider that the current PTA has served New Zealand well and there are benefits in maintaining consistency in the PTA," English said.
"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."
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.
"Mr Wheeler's extensive experience makes him a highly respected figure in world financial markets and within New Zealand," English said. "We were fortunate to have someone of his calibre available for this important role."
From 1997 to 2010, Wheeler 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.
Wheeler, a New Zealander, currently lives in the United States and runs his own advisory business.
As required under the Reserve Bank Act 1989, the Reserve Bank board of directors recommended Wheeler's appointment to English, after a recruitment process domestically and internationally.
"Given his experience and standing, combined with his technical and leadership qualities, the board considered that he has all the qualities required to become governor and chief executive of the Reserve Bank," English said.
He also paid tribute to Bollard for his leadership at the Reserve Bank over the past 10 years.
- © Fairfax NZ News
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