Reserve Bank Chair Quigley Resigns, Deputy Takes Over Immediately

The chair of the Reserve Bank, Quigley, has resigned with immediate effect, a decision announced by the Finance Minister on March 15, 2024. The Finance Minister stated that Quigley felt it was the right moment to transition leadership after overseeing several crucial workstreams for the bank. His resignation comes in the wake of tensions surrounding the public release of details from a meeting concerning former governor Adrian Orr‘s resignation.

Earlier this week, Quigley reportedly informed the Treasury that releasing details of the meeting would damage the relationship between the Treasury and the Reserve Bank. In response to this, Nicola Willis, a prominent political figure, expressed her disagreement with Quigley’s stance, emphasizing the importance of documenting significant government meetings.

Willis acknowledged Quigley’s contributions to the bank during his tenure, stating, “His leadership has been instrumental during a challenging period.”

In the aftermath of Quigley’s departure, Rodger Finlay, the deputy chair, will assume the chair’s responsibilities until a new appointment is made. The Reserve Bank is expected to initiate the search for a successor promptly.

This leadership change arrives at a critical time for the Reserve Bank, as it navigates economic challenges and the ongoing need for effective monetary policy. The implications of Quigley’s resignation for the bank and its future direction will be closely monitored by stakeholders and the financial community.

Further updates will follow as the situation develops.