New Zealand has named Anna Breman as the next Governor of the Reserve Bank of New Zealand (RBNZ), marking a historic appointment as she becomes the first woman and the first foreigner to lead the central bank since its founding in 1934.
Breman, 49, is currently the First Deputy Governor of Sweden’s Riksbank and will begin her five-year term on December 1. Finance Minister Nicola Willis made the announcement on Wednesday in Wellington, confirming that Acting Governor Christian Hawkesby will remain in the role until Breman takes office.
“Dr Breman comes to New Zealand with an impressive blend of technical skills and organisational leadership experience,” Willis said. While gender was not a factor in the decision, she added, “it certainly makes a difference if young women and girls can see that there is no office that cannot be occupied by a woman.”
Breman follows Adrian Orr, whose unexpected exit in March led to leadership changes and internal restructuring at the RBNZ. She also becomes the first non-New Zealander in the role since Englishman Leslie Lefeaux, the central bank’s inaugural governor in 1934.
Her appointment comes as the New Zealand economy continues to recover from a recession, and the RBNZ faces ongoing challenges related to leadership stability. The New Zealand dollar remained steady at 58.63 US cents following the announcement, and yields on two-year notes showed little change at 2.76 percent. Market expectations are unchanged, with traders still anticipating rate cuts at the RBNZ’s final two meetings of the year, both of which will occur before Breman assumes office.
“Everyone will be busy AI’ing is she a dove or hawk, and will get mixed answers,” said Westpac strategist Imre Speizer. “The main point is she starts after the October and November meetings, so the easing may be done before she starts.”
Breman, who joined the finance minister at the press briefing, did not comment on current monetary policy but affirmed her commitment to price stability. “The Reserve Bank should and it will remain a source of strength and stability for the New Zealand economy,” she said. “Together with the board and with staff, we will achieve this by focusing on our core mandate.”
She emphasised that the RBNZ will remain “laser-focused” on maintaining low and stable inflation.
Breman was appointed as Deputy Governor of the Riksbank’s Executive Board in 2019 and became its First Deputy Governor in 2022. She holds a PhD in Economics from the Stockholm School of Economics and has previously worked at the Swedish Ministry of Finance and the World Bank.
With this appointment, New Zealand joins other countries like Australia and the Eurozone in having women lead their central banks.
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