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New Zealand has appointed Anna Breman, the First Deputy Governor of Sweden’s Riksbank, as the new Governor of the Reserve Bank of New Zealand (RBNZ), marking the first time a woman will lead the institution. She assumes office on December 1, following a turbulent period for the central bank.
Finance Minister Nicola Willis described Breman, 49, as bringing “an impressive blend of technical expertise and leadership experience” to the role. Breman was nominated by the RBNZ board after a global search that shortlisted 300 candidates.
Breman praised the bank’s pioneering role in inflation targeting and stressed its importance to New Zealand’s economy. She succeeds Christian Hawkesby, who has been acting governor since April after the surprise resignation of Adrian Orr, whose clashes with the government over budget cuts and policy direction triggered institutional upheaval.
The appointment comes as the RBNZ faces multiple challenges, including defending its independence, managing the impact of recent funding cuts that will reduce staff by 20%, and steering the economy through a downturn. Markets are currently pricing in further rate cuts ahead of Breman’s first policy meeting in February.
New Zealand, a country that granted women the right to vote 135 years ago and has had three female prime ministers, had never previously appointed a woman to the governorship of its central bank. Willis said Breman’s appointment “opens a new chapter for New Zealand and the Reserve Bank.”
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