Reserve Bank announces departure of chief economist Yuong Ha

Reserve Bank chief economist Yuong Ha stepping down after 25 years at the RBNZ Photo/Supplied

Reserve Bank chief economist Yuong Ha is to leave the central bank next year after 25 years' service.

Ha, who is also head of economics and a member of the Monetary Policy Committee, will depart after the February 2022 monetary policy statement.

"It has been a privilege working at the Reserve Bank, Te Pūtea Matua, and to serve on the Monetary Policy Committee," Ha said. "I'm confident in the future direction of the Reserve Bank- it remains in good hands."

Governor Adrian Orr thanked Ha for his dedication and commitment to the Bank.

"Yuong is a very capable leader, and has contributed a huge amount to the RBNZ's monetary policy efforts."

The current Monetary Policy Committee is made up of: RBNZ members: Governor Adrian Orr, Deputy Governor Geoff Bascand (until January 2022), Christian Hawkesby and Ha.

The external members are Professor Caroline Saunders, Professor Bob Buckle and Peter Harris.

Ha's is the second major departure to be announced by the Reserve Bank in recent months.

Long-serving Deputy Governor and General Manager Financial Stability Geoff Bascand announced in September that he will leave the RBNZ in January.

Christian Hawkesby - currently the Assistant Governor and General Manager of Economics, Financial Markets and Banking at the Reserve Bank - will step into the Deputy Governor role in January.

Ha's position would be filled in accordance with the requirements in the RBNZ Act, with the RBNZ Board (including the Governor) and Minister responsible for appointing a suitable candidate from within the RBNZ.