RBNZ Monetary Policy Committee Returning to Full Complement

(Bloomberg) -- The Reserve Bank of New Zealand’s Monetary Policy Committee will return to a full complement of seven for the first time this year when it meets later this month.

Assistant Governor Karen Silk joins the RBNZ on May 16 and will be an internal member of the committee from that date. The central bank publishes its next rate decision on May 25.

The committee was trimmed to six for the February and April meetings after former Deputy Governor Geoff Bascand and Chief Economist Yuong Ha departed the RBNZ. Manager of Central Banking Analytics Adam Richardson was appointed as an interim internal member to fill one of the vacancies, ensuring a balance of three internal and three external members.

Ha has been replaced by Paul Conway, who started at the RBNZ on May 2. Although his role entitles him to be an internal member, his appointment to the committee has yet to be announced.

As chief economist, Conway will “have full view of and participate in the monetary policy process” for the May 25 decision, including sitting in on the final decision as an observer, the RBNZ said in response to questions.

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