Wellington, Jan 30 (IANS) The head of New Zealand’s central bank, Alan Bollard, announced Monday that he is to retire later this year after a decade in the post.
The governor of the Reserve Bank of New Zealand (RBNZ) said he would not be seeking another term when his current term ends Sep 25, reported Xinhua.
Bollard was first appointed in September 2002 and has served two five-year terms.
He said in a statement that he would be fully focused in his remaining eight months on “the serious economic and financial challenges facing New Zealand”.
“As I noted last week, the bank is ready to respond to ongoing developments overseas, especially in Europe, the US and China, as well as domestically, particularly the Canterbury earthquake,” he said.
“In addition, the bank’s expanded prudential regulatory responsibilities mean we will continue to introduce new prudential requirements this year, especially in the insurance and non-bank sectors.”
New Zealand Institute of Economic Research principal economist Shamubeel Eaqub told Radio New Zealand Monday the role of the governor had grown during Bollard’s time to include broad oversight of the financial sector.
He said Bollard had performed well during a difficult economic phase for the country.
