Big changes at the Reserve Bank of New Zealand—Adrian Orr has announced he’s stepping down as Governor, with his last day set for 31 March 2025.

After seven years in the role, Orr says that he leaves behind a legacy of major reforms, from modernising the financial system to tackling digital finance, climate change, and financial inclusion. He hands over the reins with inflation back under control and the economy in recovery, though he acknowledges there’s still plenty of work ahead for RBNZ.

Deputy Governor Christian Hawkesby will step in as Acting Governor for now, with a temporary replacement to be appointed from 1 April.