Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

RBNZ chief economist McDermott leaving central bank

RBNZ chief economist McDermott leaving central bank to join Motu


By Rebecca Howard

Dec. 18 (BusinessDesk) - Reserve Bank chief economist John McDermott will be leaving the bank next year to join the economic research institute Motu as an executive director.

His departure comes a month after Reserve Bank governor Adrian Orr set about creating a new senior leadership team. That saw McDermott accept the role of chief economist and a department head, as opposed to the assistant governor's role he held under the past two governors. The assistant governor and general manager of economics, financial markets and banking role is still to be appointed.

McDermott will remain the Reserve Bank’s head of economics department and chief economist until the end of February after the release of the February Monetary Policy Statement, the central bank said in a statement.

“We wish John every success in his new role and thank him for the solid work and culture he leaves behind at the Bank,” Orr said.

Motu said he will begin his executive directorship in early March 2019. He has been a Motu Associate since 2002.

At Motu he joins Arthur Grimes, who is a senior fellow. Grimes has also been RBNZ chief economist and was chair of the central bank's board.

Recruitment for a new RBNZ chief economist will begin in the New Year.

McDermott joined the central bank in 2007, heading its economic function and was assistant governor by 2008.


ends
(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Climate Summary: NZ’s Equal-2nd Warmest Year On Record

Annual temperatures were above average (+0.51°C to +1.20°C above the annual average) across the majority of New Zealand... 2018 was the equal 2nd-warmest year on record for New Zealand, based on NIWA’s seven-station series which began in 1909. More>>

ALSO:

GDP: Economic Growth Dampens In The September Quarter

Gross domestic product (GDP) rose 0.3 percent in the September 2018 quarter, down from 1.0 percent in the previous quarter, Stats NZ said today... GDP per capita was flat in the September 2018 quarter, following an increase of 0.5 percent in the June 2018 quarter. More>>

ALSO:

Up $1.20: $17.70 Minimum Wage For 2019

Coalition Government signals how it will move toward its goal of a $20 p/h minimum wage by 2021... “Today we are announcing that the minimum wage will increase to $17.70 an hour on 1 April 2019." More>>

ALSO:

Retail: IKEA To Open In New Zealand

Inter IKEA Systems B.V. is today announcing its intentions to grant the Ingka Group exclusive rights to explore expansion opportunities in New Zealand. More>>