Reserve Bank of New Zealand starts appointment process for new external Monetary Policy Committee member from 1 October 2025

The Reserve Bank of New Zealand has opened an appointment process to replace one of the external members of its Monetary Policy Committee (MPC), with the Minister of Finance to make the appointment on the recommendation of the Reserve Bank Board. The Bank expects the appointment to be announced by the end of September, with the new member due to begin on 1 October 2025, and noted the MPC is also carrying a vacancy for an internal member to be filled toward the end of the year. Applications will be assessed by the MPC Appointments Committee, with suitably qualified candidates to be interviewed later in the year. The selection criteria include expertise in monetary policy and macroeconomics, relevant professional knowledge and experience in public policy and banking, and a strong understanding of conflicts of interest, the market sensitivity of monetary policy decisions and constraints on other activities associated with MPC membership. The Reserve Bank also reiterated term lengths, with external members appointed for up to four years and eligible for one further term of up to four years, while internal members are appointed for up to five years and can be reappointed for two further terms of up to five years each.