Adrian Orr Reappoint Governor of the Reserve Bank
November 8, 2022
It is fair to say that Orr has been a polarising presence since starting in the role in 2018.
The timing of the reappointment announcement will likely irk the National Party - coming as it does just two days before a major five year review of the RBNZ’s handling of monetary policy is due to be released.
This review, the first since changes to the Reserve Bank Act in 2018, will look at various contentious issues, such as how the RBNZ handled the onset of Covid, with the massive monetary policy stimulus that was applied in 2020, including the buying of $53 billion of government bonds and the funding for lending (FLP) programme offering billions of dollars of cheap loans to banks.
There has been the strong criticism levelled that such actions have helped to lead to New Zealand’s current 7.2% inflation.