New Zealand’s former Acting Governor of the Reserve Bank, Grant Spencer, has been appointed to the central bank’s board for a five-year term, effective July 1, 2025, according to a statement by Finance Minister Nicola Willis on Tuesday.

Spencer brings over a decade of high-level experience in central banking, having served as Deputy Governor and Head of Financial Stability at the Reserve Bank of New Zealand (RBNZ) from 2007 to 2017. He also held the role of Acting Governor from 2017 to 2018.

“Grant Spencer brings deep expertise in central banking, financial stability, and monetary policy,” said Minister Willis. “His appointment will strengthen the board’s oversight role at a pivotal time for the Reserve Bank.”

The appointment comes as the National Party-led coalition government continues its search for a long-term successor to former Governor Adrian Orr, who resigned unexpectedly in March. Orr had been criticised by Willis while she was in opposition for his handling of post-pandemic inflation and monetary tightening, which she linked to the country’s economic contraction.

Following Orr’s departure, Deputy Governor Christian Hawkesby was named Acting Governor and was subsequently confirmed in April to serve as Governor on an interim six-month basis.

In addition to Spencer’s appointment, Minister Willis also announced the reappointment of Byron Pepper to the RBNZ board for another five-year term.

The refreshed board composition is expected to play a critical role in supporting the RBNZ’s dual mandate of price stability and financial system soundness, as well as enhancing governance during a period of monetary policy recalibration.