WELLINGTON, New Zealand (AP) – The leader of New Zealand’s central bank announced Tuesday he will step down in September when his five-year term expires.
Reserve Bank Governor Graeme Wheeler said he always intended to serve only a single term and then to take on other governance roles.
Wheeler’s deputy Grant Spencer will take over as acting governor for six months after Wheeler departs, three days after national elections.
Finance Minister Steven Joyce said Spencer’s appointment will provide stability and allow the incoming government time to find a permanent replacement.
The New Zealand dollar was little changed after the announcement, and was trading at about US$0.73.