After an 18-month search, the Reserve Bank (RBNZ) has appointed a new internal member to its Monetary Policy Committee (MPC) on a one-year term.
Rebecca Williams, who joined the Reserve Bank in 2010 and is currently Senior Manager of Economics there, starts her 12-month MPC term on October 15.
She was appointed by Minister of Finance Nicola Willis on the recommendation of the RBNZ board.
Willis said Williams has held “key roles” in the Reserve Bank’s economics directorate and brings “valuable expertise in monetary policy, economic forecasting and policy analysis” to the MPC.
Willis said the reduced term for Williams’ role reflected “adherence to electoral conventions, ensuring the next administration retains discretion over long-term appointments while maintaining the MPC’s operational and statutory requirements.”
Internal MPC members normally serve fixed terms of up to five years.
The MPC is responsible for making monetary policy decisions needed to maintain price stability in New Zealand. The committee uses the Official Cash Rate (OCR) as its main tool to try and keep the country’s inflation between 1% and 3%, with a target midpoint of 2%.
Williams joins the MPC before its next Monetary Policy Review (MPR) and OCR decision on October 28. In early September, the MPC hiked the OCR by 25 basis points, increasing it to 2.75% from 2.50%, for the second monetary policy meeting in a row.
The October MPR is 10 days before the NZ general election on November 7.
“We look forward to working with Rebecca, whose many years of experience in economic analysis and forecasting, including leadership of analysts, will be a real asset to the committee,” RBNZ Governor and MPC Chair Anna Breman said.
“With her analytical capabilities alongside deep institutional knowledge, I know Rebecca will make a significant contribution to our work.”
The RBNZ said Williams fills a seat on the committee that has been vacant since March 2025 and will ensure “continuity of internal membership” following the departure of Assistant Governor and MPC member Karen Silk.
It was announced last week that Silk will be leaving the Reserve Bank in mid-December.
Following Silk’s departure, the Reserve Bank said it will be using the “forthcoming vacancy” to establish two Assistant Governor roles: Assistant Governor Monetary Policy and Assistant Governor Payments and Cash.
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