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RBNZ Board chair elected


RBNZ Board chair elected

The Reserve Bank's Board of Directors has today elected Dr Arthur Grimes as its chair.

This follows the recent passage of the Reserve Bank of New Zealand Amendment Act 2003 which requires that the Bank's chair be a non-executive director. Previously the Governor chaired the Board.

The Board also elected Mrs Alison Paterson as the Board's Deputy Chair.

The Board's primary function is to monitor the performance of the Governor and the Bank, on behalf of the Minister of Finance. At the time of the Independent Review of the Operation of Monetary Policy it was recognised that, given the Board's role, having the Governor as chair potentially created a conflict of interest. The 2003 Amendment Act did not alter the Reserve Bank's operational independence.


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