The Reserve Bank of New Zealand’s Chief Economist Dr John McDermott will be leaving the Bank next year to join the economic research institute Motu.
Dr McDermott joined the Reserve Bank of New Zealand in June 2007, heading the Bank's economic function.
Governor Adrian Orr said Dr McDermott has been an incredibly loyal and influential member of the Reserve Bank team, and has made a valuable contribution to the management of monetary policy.
“We wish John every success in his new role and thank him for the solid work and culture he leaves behind at the Bank,” Mr Orr said.
Dr McDermott will remain the Reserve Bank’s Head of Department Economics / Chief Economist until the end of February, after the release of the February Monetary Policy Statement.
Recruitment for a new Chief Economist will begin in the New Year.