New member will join the committee for October's OCR review
Rebecca Williams (pictured right), senior manager economics at the Reserve Bank of New Zealand (RBNZ), has been appointed to the central bank's Monetary Policy Committee (MPC), filling a seat that has been vacant since March 2025.
Finance Minister Nicola Willis made the appointment on the recommendation of the RBNZ Board. Williams begins a one-year term on 15 October, running to 14 October 2027.
The committee reviews the official cash rate (OCR) every six weeks under a remit set by the Finance Minister. Williams' first involvement will be the Monetary Policy Review on 28 October, when the committee delivers an OCR decision.
A career in forecasting
Williams joined the RBNZ in 2010 and has spent much of her career in economic analysis and monetary policy. She previously managed the forecasting team responsible for producing the Monetary Policy Statement four times a year, and before that led the bank's policy analysis team. As forecasting manager, she briefed the MPC on the state of the New Zealand economy. She holds a Bachelor of Commerce (Honours) in economics and a Bachelor of Arts in history from the University of Canterbury.
RBNZ chair Rodger Finlay said Williams "has worked extensively in monetary policy and forecasting" and said she understands how policy needs to be set to keep inflation on target.
Governor and MPC chair Anna Breman pointed to Williams' record of leading analysts and her long tenure at the bank.
"I know Rebecca will make a significant contribution to our work," Breman said.
Silk's exit reshapes RBNZ leadership
The appointment maintains continuity among the committee's internal members as Assistant Governor Money and internal MPC member Karen Silk prepares to leave. The RBNZ announced Silk's retirement on 16 September, and she will depart the bank in mid-December.
Once Silk departs, the committee's internal members will be Breman, chief economist Paul Conway, and Williams, alongside external members Carl Hansen, Prasanna Gai, and Hayley Gourley.
Breman has used Silk's upcoming departure to rethink the structure of the bank's executive leadership team. Two new assistant governor positions will be created, one covering monetary policy and the other payments and cash.
The RBNZ Board expects to recommend the incoming assistant governor for monetary policy to the Finance Minister for appointment to the MPC.
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