New Zealand’s finance minister is set to name a new central bank chief in the coming weeks, raising hopes for stability after the sudden departures of both the Reserve Bank’s governor and chairman. The incoming leader will face the challenge of restoring the bank’s credibility amid a deep economic downturn and growing political pressure. “We face a test of trust and confidence in us as an organisation,” interim Governor Christian Hawkesby said this month, stressing the bank remains focused on “delivering low and stable inflation in the medium term, and a resilient and enabling financial system.” Hawkesby, who wants the role permanently, has led since the controversy also forced out RBNZ chair Neil Quigley, who resigned before Finance Minister Nicola Willis could ask him to step down.
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