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Two new Monetary Policy Committee members appointed

Two new members of the Reserve Bank of New Zealand’s (RBNZ) Monetary Policy Committee (MPC), Carl Hansen and Professor Prasanna Gai have been appointed by the Minister of Finance, Nicola Willis, on the recommendation of the RBNZ’s Board.

The 7-member MPC is responsible for the monetary policy decisions needed to support price stability.

Mr Hansen starts a three-year term on 1 April, replacing Peter Harris who retires from the MPC at the end of March. Mr Hansen will take part in the April Monetary Policy Review.

The other new MPC member Professor Gai, starts a four-year term on 1 July, replacing Caroline Saunders, who retires on 30 June.

“We are delighted to welcome Carl and Prasanna to the MPC. They were both highly qualified candidates with the appropriate knowledge, skills and experience to join the MPC and assist in its decision-making,” RBNZ Board chair Neil Quigley says.

“Their respective business experience at a high level and research expertise on macroeconomics and monetary policy will add fresh perspectives to Committee discussions. Both have also worked at central banks previously during their careers.”

“We look forward to working with Carl and Prasanna very soon,” Governor Adrian Orr says.

“The MPC remains laser-focussed on its job to control inflation and Carl and Prasanna will play an important part in our discussions.”

“I’d also like to thank both Peter Harris and Caroline Saunders for their significant service on the Monetary Policy Committee for many years, at an especially turbulent time during Covid-19,” Mr Orr says. “Caroline remains with the MPC for another few months, so it is not goodbye yet.”

Profiles of Carl Hansen and Prasanna Gai

 

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