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CORRECT: Canterbury Uni's Carr appointed as RBNZ chair

Tuesday, 23 July 2013, 5:58 pm
Article: BusinessDesk

CORRECT: Canterbury Uni vice-chancellor Rod Carr appointed as Reserve Bank chairman

(Fixes incorrect reference to Finance Minister appointing Carr to chair of board in lead, inserts minister’s role in appointing directors in 2nd graph)

July 23 (BusinessDesk) - University of Canterbury vice-chancellor and former Reserve Bank deputy governor Rod Carr has been appointed chairman of the central bank.

Carr will replace Arthur Grimes, who spent 11 years as the Reserve Bank’s chair, from Sept. 18, the central bank said in a statement. Sue Sheldon has been reappointed deputy chair. Reserve Bank directors are appointed by the finance minister for five-year terms, and the bank’s board elects the chair and deputy for one-year terms.

“Arthur has been an outstanding chair over the past 11 years, and we have benefitted greatly from his expertise,” governor Graeme Wheeler said. “A highly respected economist, Dr Grimes has brought intellectual rigour and sound judgment in chairing the board and monitoring the bank’s performance.”

The board monitors the performance of the governor and is staked with assessing whether the quarterly monetary policy statements meet the government’s policy target agreements. It also monitors the six-monthly financial stability reports.

The bank will announce the outcome of its latest monetary policy review on Thursday, and is expected to keep the official cash rate on hold at 2.5 percent.

(BusinessDesk)

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