Dr Anna Breman has been named as the new Governor of the Reserve Bank.
Breman had served as a deputy Governor of Sweden’s Riksbank - its central bank – since 2019.
“Dr Breman comes to New Zealand with an impressive blend of technical skills and organisational leadership experience," Finance Minister Nicola Willis said.
Breman will be the first woman to hold the role.
History-making appointment as Willis introduces central bank's new governor - Watch on TVNZ+
Breman holds a PhD in economics from the Stockholm School of Economics, and had previously been a group chief economist at Swedbank.
She has also worked at the Swedish Ministry of Finance, the World Bank and as an academic economist in the US.
Willis said Breman was nominated for the role by the Reserve Bank's board following an international search that saw 300 potential candidates identified.
Breman said she was “deeply honoured” to have been appointed Governor.
“I also feel privileged to be welcomed to this country.”
She would be moving to New Zealand alongside her family.
“I’m still overwhelmed by the warmth and kindness that I’ve been shown during my time here.”
Breman would not comment on monetary policy but said the Reserve Bank was an “excellent institution”.
She said to achieve stability for the New Zealand economy, the Reserve Bank would be "focusing on our core mandate” of price stability, prudential supervision, and the safe and efficient payment system.
Breman also addressed “transparency and openness” and said that while the Reserve Bank was among the most transparent in the world, “there is still work to be done”.
Breman will start her five-year term on December 1, taking over from acting Governor Christian Hawkesby.
"Mr Hawkesby will finish up at the Reserve Bank when Dr Breman starts," Willis said.
"Prior to that, he has undertaken to do all he can to prepare and support the new Governor, and I thank him for that.
“I wish him all the best for the future.”
Labour's finance spokesperson Barbara Edmonds said Breman had an impressive background and she looked forward to working with her.
"There are some big challenges ahead for New Zealand and the governor plays an important role protecting and promoting the stability of New Zealand’s financial system in an increasingly volatile world. I wish her the best in the new role."
Reserve Bank turmoil
It comes after a period of turmoil for the Reserve Bank.
Former Governor Adrian Orr resigned earlier this year in a row over funding, followed by chairperson Neil Quigley late last month.
Quigley's resignation followed five months of scrutiny over Orr's abrupt departure.
In June, Willis criticised the Reserve Bank over sharing information surrounding Orr’s sudden resignation in March.
The rebuke came after the bank released documents under the Official Information Act, revealing Orr quit due to a funding dispute with the bank's board and the Government.
Willis told Newstalk ZB in late August: “If Mr Quigley had not offered his resignation, I would have asked him for it.”
SHARE ME