New Zealand central bank chief to retire, deputy to stand in

[WELLINGTON] Reserve Bank of New Zealand (RBNZ) Governor Graeme Wheeler announced on Tuesday he would not be seeking a second term at the helm of the central bank when his current five-year term ends on Sept 26.

The RBNZ will begin the process to pick a successor later in the year and Grant Spencer, deputy governor and head of financial stability, will serve a six-month term as acting governor while the search is conducted.

"It was my intention, when I was appointed, to serve one term, and then to take on governance roles," Mr Wheeler said in a statement announcing he was stepping down.

The New Zealand dollar slipped to US$0.7307 from around US$0.7318 after the announcement.

REUTERS