Reserve Bank chair Neil Quigley. Photo: RNZ / Samuel Rillstone
Adrian Orr's decision to step down as Reserve Bank governor was a personal one, and he felt it was the "right time" to resign, according to the bank's chair.
Reserve Bank chair Neil Quigley has spoken to media this afternoon, after today's shock announcement of Orr's resignation, after seven years of service, and part-way through his second term.
Earlier today, Finance Minister Nicola Willis said she was not going to "characterise the reasons" for Orr's resignation
Quigley said this afternoon that he had discussed the resignation process with Orr for the past "several days", and the governor felt it was the right time to leave.
"He's achieved a great deal that he set out to do when he took the job, we've been through a lot, not just the pandemic, but all of the changes the bank has been through over Adrian's term as governor.
"So Adrian feels that he has done the job and he has inflation under the target range and he feels positive about that."
Quigley said he still had a "very good relationship" with Orr.
"He and I have been through a lot in my time as board chair and his time as governor, and we have very good memories of the challenges we have fronted."
Orr is taking leave until the end of the month and did not appear at this afternoon's media conference.
"It doesn't make sense for someone like the governor to have a grey period where they have come to a decision, but they have continued to be around the bank," Quigley said.
He said the job of the Reserve Bank governor was one that faced "unrelenting critique of your actions".
"No matter what you do, there are alternatives that other people say they would have taken, so there is a time when you think that having achieved what you want to achieve, that's enough.
"He's decided he's on leave and he's comfortable with that decision.
"He's doing what he feels is appropriate."
Quigley conceded that the sudden resignation was not an everyday occurrence, "but it's what has happened in this case".
Deputy Governor Christian Hawkesby will be Acting Governor until 31 March.
