Silk's money portfolio to split into two new roles from December
The Reserve Bank of New Zealand is restructuring its top team following the departure of assistant governor Karen Silk, who will leave the central bank in mid-December after more than four years in the role.
One role becomes two
Rather than simply replacing Silk, the RBNZ is using her departure to split her responsibilities into two new positions: assistant governor monetary policy and assistant governor payments and cash.
Governor Anna Breman said the change is designed to "strengthen leadership capacity, clarify accountabilities, and support closer coordination" across the bank's core functions, while maintaining clear oversight of monetary policy and financial markets during the transition.
Recruitment for both roles will begin shortly with the help of an executive search firm, though the RBNZ has not yet set a timeline for appointments. Interest.co.nz reports that the RBNZ board is expected to recommend the appointee to the new Monetary Policy role for confirmation to the committee, with the bank also working through arrangements for a short-term internal MPC appointment in the interim.
A four-year tenure ends
Silk joined the RBNZ in 2022 after senior roles at Westpac in both New Zealand and Australia.
As assistant governor for money and a member of the Monetary Policy Committee, she has helped set the official cash rate throughout a turbulent stretch for the New Zealand economy.
Reflecting on her time in the role, Silk said in a media release: "It has been a real privilege to serve in these roles," adding that she was looking forward to spending more time with family while continuing to contribute to New Zealand's business community.
Breman credited Silk with bringing deep financial-sector experience to the role, noting her contribution across monetary policy, financial markets, and cash and payments. Silk will remain in the role until mid-December, taking part in the bank's December decision before her departure.
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