New Zealand names Adrian Orr as new reserve bank governor

[WELLINGTON] Adrian Orr has been appointed New Zealand's new central bank governor, finance minister Grant Robertson said.

Mr Orr will begin a five-year term at the Reserve Bank on March 27, replacing acting governor Grant Spencer, Mr Robertson said in an emailed statement Monday in Wellington.

Mr Orr is currently chief executive of the New Zealand Superannuation Fund and was previously a deputy governor at the RBNZ.

"I'm delighted the Board has been able to secure a Governor with such a strong track record of delivery and public service," Mr Robertson said. "Orr has the technical and leadership qualities required to be Governor and CEO of the Reserve Bank. Further, I consider that he has the skills necessary to successfully lead the Bank through a period of change."

The New Zealand dollar rose about a quarter of a US cent on the appointment, to 68.88 cents at 4.11pm in Wellington.

BLOOMBERG