Christian Hawkesby to govern Reserve Bank for at least six months

Tuesday, 8 April 2025

The Reserve Bank’s acting governor and former deputy governor Christian Hawkesby will continue to serve as the Reserve Bank’s governor for at least the next six months.

Finance Minister Nicola Willis announced the appointment on the eve of a scheduled review of the official cash rate on Wednesday, at which the bank is widely expected to confirm a 25 basis point reduction in the OCR to 3.5%.

Hawkesby, who is known among other things for his calm demeanour and immaculate dress sense, was catapulted into the top job at 1.30pm on March 5.

That was after former governor Adrian Orr walked out the door amid what is speculated to have been a disagreement with Willis over bank capital rules.

Willis said Hawkesby’s six-month appointment as governor started today and could be extended by up to three months with written notice.

His appointment was recommended by the Reserve Bank’s board and would help ensure the continued integrity and operations of the Reserve Bank while the search for a permanent governor was underway, she said.

Hawkesby said he was proud to step into the role and “continue contributing to our mission of working to enable economic prosperity and wellbeing for all New Zealanders”.

Reserve Bank chairperson Neil Quigley said Hawkesby’s leadership and expertise had been invaluable since he joined the Reserve Bank in 2019.

The bank’s board has started the process of seeking a candidate to nominate for the role of a ‘permanent’ new governor.

Those appointments are also subject to the Government’s approval, and for a period of five years.