Former RBNZ Acting Governor Spencer appointed to central bank's board

(Reuters) -Former Reserve Bank of New Zealand (RBNZ) Acting Governor Grant Spencer has been appointed to the central bank's board for a five-year term, effective July 1, Finance Minister Nicola Willis said on Tuesday.

Spencer served as RBNZ deputy governor and head of the bank's financial stability committee from 2007 to 2017, and was the bank's acting governor from 2017 to 2018.

"Grant Spencer brings expertise in central banking, financial stability, and monetary policy," Willis said in a statement.

Spencer's appointment to the board comes as the centre-right National Party-led coalition government continues its search for a permanent leader for the central bank after the surprise resignation of Adrian Orr in March.

Willis was critical of Orr's stewardship while she was in opposition, blaming him for soaring inflation after the pandemic and the high interest rates that led to recession.

Christian Hawkesby, who had been serving as RBNZ's acting governor following Orr's resignation, was appointed in April as the RBNZ Governor for a six-month term.

Willis said she had also reappointed Byron Pepper to the board for another five years.

(Reporting by Renju Jose in Sydney; Editing by Lincoln Feast.)