Who is Anna Breman, the new Reserve Bank governor?

Thursday, 25 September 2025

The incoming Reserve Bank governor will be the first woman to hold the office. She will travel across the world to take up the position - but she’s been watching New Zealand for some time. Glenn McConnell reports.

Finance Minister Nicola Willis has poached Sweden’s first deputy governor, Dr Anna Breman, to lead the Reserve Bank.

Breman will move from Stockholm to Wellington to take the top job where she will lead the central bank and chair the Monetary Policy Committee - which sets the Official Cash Rate.

It’s a big move for Breman. She’s coming to Wellington after a life spent between Europe and the US, moving with her partner and two teenage daughters.

Recent speeches and official statements from Breman show she’s been watching New Zealand’s Reserve Bank for some time. She told bankers in London that the Reserve Bank was one of the most forward-looking in the world, but on Wednesday she said it did have some work to do.

The central bank has been looking for a new boss since March, after Adrian Orr resigned without warning.

Speaking beside Breman at her inaugural press conference, Willis described the Swedish economist as an “impressive” banker who would open “a new chapter in New Zealand’s history”.

Breman would also be the first woman to lead the central bank. Willis said it was a significant milestone.

“We only ever want to be selected for a role because we are the best candidate, not because of our gender. However, it is also the case that it certainly makes a difference when young women and girls can see that there is no office that cannot be occupied by a woman,” Willis said.

Where is Breman coming from?

Born in 1976, Breman has worked in the US, Sweden, and Switzerland.

As first deputy governor of Sveriges Riksbank, Breman is second-in-charge of Sweden’s central bank.

In a statement, the bank’s general council congratulated her on the move.

“This is a testament to Anna Breman’s reputation as an internationally recognised economist,” said Bo Broman and Tomas Eneroth, the chair and vice chair of the bank’s council.

Before that, she was the chief economist for Swedbank, worked at Sweden’s Ministry of Finance and in academia. In the US, she worked as an assistant professor for the University of Arizona.

She started her career in economics as an intern for both the World Bank and World Trade Organisation, after graduating from Sweden’s Uppsala University.

What do we know about her approach to monetary policy?

Breman has spoken about the importance of central banks projecting stability, transparency, and clarity.

At a monetary policy conference in England in July, she praised the Reserve Bank of New Zealand for - like Sveriges Riksbank - providing forecasts for its rate decisions.

She asked the crowd: “What possible reason could there be for not publishing an interest rate forecast, especially if one publishes forecasts for other variables?”

During her first press conference in Wellington, one of the first things Breman spoke about was “transparency”.

“The Reserve Bank lists high in international rankings of transparency, but I do believe that there is more work that needs to be done, so we will strive for transparency, accountability and clear communication,” she said.

Asked about inflation and other economic risks, Breman stuck to the script.

“Well, the Reserve Bank Act is very clear, price stability is the primary target. But to achieve price stability, we have to consider how the economy is evolving,” she said.

She said she would bring a “laser focus” to managing inflation.

“The key focus has to be on low and stable inflation, because you will not get strong growth or good employment levels without, in the long run, having [that] in the medium term,” she said.

How will this impact New Zealand?

Breman’s recent speeches have focused a lot on international events and global uncertainty impacting economies and monetary policies. She has brought an orthodoxy to those discussions, saying the role of central banks was limited - but important for maintaining as much stability as possible.

With the war in Ukraine just around the corner from Sweden, Breman has seen how that high level of insecurity can be managed.

She spoke about that in March, saying inflation can be managed “despite the turbulence abroad”.

She also noted how inflation of basics, such as food, should be carefully monitored - and could hamper any economic growth.

“Food is a necessity, which means that households cannot reduce their consumption to any great extent when prices rise.

“It is particularly tough for households that already have small margins. Research also shows that food prices have considerable importance for all households’ inflation expectations.”

On Wednesday, Breman looked back at those major challenges and said that navigating those had strengthened her view on how to manage inflation.

“The past few years have been tough for central banks, for all central banks. After the Covid pandemic and after Russia's illegal invasion of Ukraine, inflation surged. We have all been reminded of how harmful and hurtful high inflation is,” she said.

Professor Helen Roberts, the deputy head of Otago University’s department of accounting and finance, said it would be good for the bank to hear new perspectives.

“While we do train really good economists in New Zealand, they probably they don't have the same level of experience,” she said.

She said Breman would come to the bank with exposure to different challenges from Europe and it was significant to have a woman in charge.

“I think there is certainly that element of the old boys club, and that’s been around for a while, certainly in finance and the business sector and obviously economics as well.

“So it’s bringing someone into the role who looks a bit different, who will potentially do the job differently and might manage situations differently as well. That could change the whole leadership style of the organisation. So I think this significant,” she said.

When does the new governor start?

Breman begins a five-year term on December 1.

She was selected following a global search that considered 300 candidates. Of the candidates, 11 made formal applications - and just three were New Zealanders.

Acting Reserve Bank Governor Christian Hawkesby confirmed he would leave the bank after helping Breman transition into the role.