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RBNZ: business As Usual

Reserve Bank Deputy Chief Executive Rod Carr today said the Reserve Bank was continuing to carry out its normal functions like any other working day, this following Dr Brash’s resignation this morning.

Dr Carr commented: “The Reserve Bank is carrying out its duties as normal. The Reserve Bank of New Zealand Act 1989 provides that the Deputy Chief Executive acts as the Governor for up to 28 days or until a person is appointed as Acting Governor or Governor.

“Next week, the Bank’s Board of Directors will meet to consider their recommendation to the Treasurer as to the person who should assume the role of Acting Governor until a permanent Governor is appointed, and to begin the process for the appointment of a new Governor.

“Under section 40 of the Act, a Governor is appointed “by the Minister (the Treasurer) on the recommendation of the Board”.

“A Policy Targets Agreement will need to be agreed between the new Governor and the Treasurer. Until then the current PTA still applies.

“In the meantime, the Reserve Bank remains committed to carry out its statutory functions in the normal way,” Dr Carr concluded.

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