Former New Zealand’s former Reserve Bank Governor Adrian Orr suddenly resigned in March 2025, a few weeks before the government announced a 25% fund cut to the central bank. The newly issued documents confirmed that after determining the bank that they could not complete their mandate under a low budget, who had agreed by the Board and Finance Minister Nicola Willis.
The ORR was allegedly ready to accept a deduction of 16.5%, but the board eventually approved a sharp decrease in the annual funding in NZ $ 750 million. The Reserve Bank said that Or realized that he had “achieved everything he could do” and cannot continue under new obstacles. His resignation held a meeting with Willis and Treasury officials on 24 February, after which Or and RBNZ president Neel Quigley discussed and interacted on their departure.
Although suddenly and largely unexplained at that time, documents show that the decision was personally difficult for ORR, and both sides retained legal consultation to formalize a exit. Former Deputy Governor Christian Hawksby is serving as an interim governor. Despite the turmoil, the bank has reported a smooth infection.
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