New Zealand Central Bank Governor Adrian Orr Resigns Three Years Early

Adrian Orr, known for his bold policymaking and clashes with government officials, steps down as New Zealand faces its worst economic downturn in decades.

• Adrian Orr, governor of the Reserve Bank of New Zealand, announced his resignation effective March 31, three years before his term was set to end.
• Deputy Governor Christian Hawkesby will serve as acting governor until March 31, with a temporary governor to be appointed by the finance minister starting April 1.
• Orr's tenure included significant monetary policy shifts during the COVID-19 pandemic, but he faced criticism for both rapid rate cuts and subsequent aggressive hikes that contributed to a recession.
• His leadership also modernized the bank's operations, integrated Maori heritage into its framework, and transitioned to a consensus-based decision-making model.
• The resignation comes as New Zealand grapples with high unemployment, business failures, and its worst economic downturn since 1991 outside of the pandemic.

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