Graeme Wheeler named new NZ central bank governor

Tuesday 26th June 2012

Graeme Wheeler, a former executive at the World Bank, has been named the new governor of the Reserve Bank of New Zealand.

Wheeler, who currently runs a consultancy business in the US, will take up the governor’s role when Alan Bollard’s second five-year term expires on Sept. 25, according to a statement from Finance Minister Bill English.

He will be governor-designate until a new policy targets agreement is agreed in the next few months though English said he doesn’t envisage any major changes to the PTA..

“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,” English said.

Wheeler held various positions with the World Bank between 1997 and 2010, and has previously served as deputy secretary of the New Zealand Treasury and treasurer of the Debt Management Office. He beat out. He reportedly beat out candidates including Grant Spencer, current deputy governor and head of financial stability.

English said Wheeler was appointed on the recommendation of the Reserve Bank’s board after “an extensive 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.

BusinessDesk.co.nz

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