Reserve Bank appoints BNZ's Paul Conway as new chief economist

Thursday, 10 March 2022

The Reserve Bank, Te Pūtea Matua, has appointed Paul Conway as its new chief economist and director of economics.

He will join the Reserve Bank on May 2, replacing Yuong Ha who leaves this month after 25 years with the bank. Adam Richardson, the manager of central banking analytics, will fill the role until Conway starts.

Conway has been chief economist at the BNZ since February last year. At the time of his BNZ appointment, he was described as breaking the mould of the traditional bank economist with his focus on the potential to improve productivity and wellbeing in New Zealand through digital transformation.

Prior to the BNZ, he was economics and research director at the Productivity Commission, and has previously worked as an economist for the Reserve Bank and the OECD, and consulted to the World Bank.

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Reserve Bank Governor Adrian Orr said Conway would bring a wealth of leadership and experience to the economics team with a deep knowledge of the New Zealand economy and international experience.

“He has a great mix of skills, including a background in research, which will be a key part of his leadership role at the Reserve Bank,” Orr said.

In a LinkedIn post, Conway said he was excited to be joining the Reserve Bank, but noted it was a “crazy moment to be taking on that role”.

“I feel a ton of responsibility in helping steer our economy through what’s coming,” Conway said in the post.

He undertook “to be very transparent and communicative” in his new role at the central bank.

Conway will join the Reserve Bank’s Monetary Policy Committee, which sets interest rates, when Richardson’s six-month term ends in September.