RBNZ Governor Adrian Orr Unexpectedly Resigns

The Reserve Bank of New Zealand's governor, Adrian Orr, abruptly stepped down on Wednesday with three years remaining in his term, providing no reason for his resignation.

His departure leaves the bank without a permanent leader amid the country’s worst economic downturn in three decades.

Orr assumed leadership of the bank in March 2018, after a decade overseeing New Zealand's successful sovereign wealth fund.

One of his biggest challenges came during the COVID-19 pandemic when he slashed interest rates by 75bps to 0.25% in March 2020, launched asset purchases, and introduced a lending program to support the economy.

During the first policy meeting of 2025 last month, the central bank cut borrowing costs by 50bps to 3.75%, following a similar cut in its prior decision.

Neil Quigley, chair of the Reserve Bank of New Zealand's board, said at a press conference that Orr felt he had accomplished his goals and found it unreasonable to remain in a role that faces "unrelenting critique."