Wheeler named as new Reserve Bank governor
Tue, 26 Jun 2012 11:20a.m.
Former World Bank executive Graeme Wheeler will be the next governor of the Reserve Bank of New Zealand.
Finance Minister Bill English says Mr Wheeler will succeed Alan Bollard when his second five-year term expires on September 25.
Mr Wheeler will be governor-designate until a new policy targets agreement (PTA) is finalised in the next few months. This is required before a new governor is appointed, Mr English said in a statement on Tuesday.
Mr Wheeler, a New Zealander who lives in the United States and runs his own advisory business, was employed by the World Bank from 1997 to 2010.
He was the bank's managing director operations from 2006 to 2010 and before that was vice-president and treasurer.
Previously, he was deputy secretary at the New Zealand Treasury.
"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," Mr English said.
He does not envisage any major changes to the PTA of keeping inflation between 1 and 3 percent.
"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."
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