New Zealand has appointed Anna Breman as the new governor of the Reserve Bank of New Zealand (RBNZ), making her the first woman and the first foreigner since 1934 to lead the central bank. She will begin her five-year term on December 1, Finance Minister Nicola Willis announced on Wednesday.
Breman, currently the First Deputy Governor of Sweden’s Riksbank, will succeed Adrian Orr, who stepped down unexpectedly in March, sparking months of turbulence within the RBNZ. Acting Governor Christian Hawkesby will remain in the role until Breman assumes office.
“Dr. Breman comes to New Zealand with an impressive blend of technical skills and organizational leadership experience,” Willis said, adding that while gender was not a factor in the decision, Breman’s appointment “makes a difference if young women and girls can see that there is no office that cannot be occupied by a woman,” as quoted by Bloomberg.
At 49, Breman joins a growing group of women leading major central banks, including the European Central Bank and the Reserve Bank of Australia. She holds a PhD in Economics from the Stockholm School of Economics and has previously worked with the Swedish Ministry of Finance and the World Bank.
According to a report by Bloomberg, speaking at a press conference, Breman pledged to keep the RBNZ “laser-focused” on low and stable inflation and to strengthen transparency and accountability. “The Reserve Bank should and it will remain a source of strength and stability for the New Zealand economy,” she said.
Her appointment comes at a time of economic strain, with New Zealand struggling to recover from recession and facing further interest rate cuts before she takes charge. Market reaction to the announcement was muted, with the New Zealand dollar steady at 58.63 US cents and bond yields little changed.
Breman replaces Orr, whose departure was linked to disagreements with the board and government over funding arrangements. Finance Minister Willis expressed hope that the new leadership would restore stability at the central bank.
Breman will step down from her Riksbank role on October 10 before relocating to New Zealand.