 New Zealand's government has announced the initial seven members of the central bank's new policy setting committee, including three external and four internal appointees but no business people. The new monetary policy committee (MPC) makes its first decision at the next cash rate review on May 8 and transfers power to change rates from the governor alone to a panel of bank staff and external members. On Wednesday, the RBNZ held its last monetary policy decision under the old framework at which central bank governor Adrian Orr decided to keep rates unchanged but surprised markets by flagging the next move in rates was likely to be a cut. The four RBNZ staff members on the committee include governor Orr, who chairs the committee; deputy governor Geoff Bascand; assistant governor Christian Hawkesby; and manager for international and markets analysis Yuong Ha, who has a one-year term while the role of central bank chief economist is vacant. |