Bob Buckle and Peter Harris have been reappointed external members of the Reserve Bank’s (RBNZ) Monetary Policy Committee (MPC).
Finance Minister Grant Robertson made the decision on the recommendation of the RBNZ Board.
The MPC is responsible for the monetary policy decisions needed to support maximum sustainable employment and price stability.
Buckle and Harris joined the seven-member committee in 2019. Their three-year terms will be renewed on April 1.
“It was important to retain Dr Buckle’s and Mr Harris’ experience and expertise as external members of the MPC, which responded to a one-in-100 year economic shock and provide continuity as the pandemic evolves,” Robertson said.
Had they not been reappointed, Buckle and Harris would’ve departed in April, shortly after the resignations of two of the MPC’s internal members took effect.
Former Deputy Governor Geoff Bascand left the Bank late-last year and Chief Economist Yuong Ha is due to depart on March 10.
Ha’s position is yet to be filled by a permanent candidate.
The RBNZ’s Manager of Central Banking Analytics Adam Richardson has been appointed acting Chief Economist/Director of Economics and will be an interim internal MPC member.
Richardson joined the RBNZ in 2007. His current research interests include monetary policy transmission, machine learning applications, and macro modelling.
Robertson also announced the newly-appointed internal member, Karen Silk - a former Westpac executive - will begin her five-year term on May 16.
The other internal members of the committee are Governor Adrian Orr and Deputy Governor Christian Hawkesby. Caroline Saunders will remain an external member until her term expires in April 2023.
Here is summary of what the MPC will look like at its next few meetings:
Feb 23: Orr, Hawkesby, Ha, Saunders, Buckle, Harris
April 13: Orr, Hawkesby, Richardson, Saunders, Buckle, Harris
May 25: Orr, Hawkesby, Richardson, Silk, Saunders, Buckle, Harris
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