Central bank begins replacement process

By Phil Boeyen, ShareChat Business News Editor

Monday 29th April 2002

The board of the Reserve Bank has begun initiating procedures to find a successor for Don Brash, who resigned last week as governor to enter politics.

Board spokesman, Bill Wilson, says the procedures for the appointment will be confidential.

"The board's recommendation to the Minister (of Finance) will not be made public and any announcements will come from the Minister. I can, however, say that the post will be advertised, both within New Zealand and offshore.

"In terms of deadlines, the act says that an appointment must be made within six months of the Treasurer appointing an acting governor."

Mr Wilson says he has been assured by the acting governor, Rod Carr, that the conduct of monetary policy is continuing as usual.

"Dr Carr has told me that the act and the policy targets agreement are sufficiently precise that for the bank, in terms of monetary policy, nothing has changed."

The bank's next monetary policy statement is scheduled for May 15.

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