New Zealand named Swedish national Anna Breman as the new governor of its central bank on Wednesday, marking the first time a woman has held the position.
Her appointment comes in the wake of significant changes at the bank following criticism of its economic management.
Finance Minister Nicola Willis stated that Breman, who currently serves as First Deputy Governor of Sweden’s central bank, the Riksbank, will assume her role at the Reserve Bank of New Zealand (RBNZ) on 1st December, Reuters reports.
“Dr Breman comes to New Zealand with an impressive blend of technical skills and organisational leadership experience," Willis stated during a press conference.
Breman opened her remarks by commending the Reserve Bank’s strong reputation, following the unexpected exit of the previous governor, who had frequently been at odds with the government.
“The Reserve Bank is an excellent institution: it's known globally for being the first to develop inflation targeting,” she said.
“Staff are dedicated, they are loyal. They know how important the institution is to New Zealand.”
Willis said Breman was selected for the position by the RBNZ board after a global search that considered 300 candidates. RBNZ board deputy chair Rodger Finlay also welcomed her appointment.
“Anna's experience spans central banking, academia and financial markets,” he said.
“She has strong technical knowledge within monetary policy, financial stability and payments systems after several years at the Executive Board at the Riksbank and an extensive international experience.”
Breman becomes the first foreign national to hold the position in the modern history of the RBNZ.
While central banks usually select local candidates for top roles, appointing a foreigner is not unprecedented. Indeed, the Bank of England named Canadian Mark Carney as governor in 2012.
Although New Zealand was the first self-governing country to grant women the vote 135 years ago and has had three female prime ministers, it has never appointed a woman as central bank governor. Karen Silk currently serves as Assistant Governor at the RBNZ.
“It certainly makes a difference when young women and girls can see that there is no office that cannot be occupied by a woman,” Willis stated.
Breman will succeed current RBNZ Governor Christian Hawkesby, who was appointed in April for a six-month term after the unexpected resignation of former governor Adrian Orr.
Hawkesby will also depart the bank and resign from the RBNZ’s monetary policy board.