Deputy governor Geoff Bascand to depart Reserve Bank

Deputy Reserve Bank governor Geoff Bascand is to leave the central bank in January. Photo / Mark Mitchell

Reserve Bank deputy governor Geoff Bascand is to leave the central bank in January 2022.

Bascand, who has been with the RBNZ since May 2013, said he was leaving to make more time for other interests in his life.

"The bank is a special place that makes a massive contribution to New Zealanders' wellbeing.

"I have had extraordinary opportunities to participate in a huge range of important initiatives, and work with many wonderful colleagues, but I want to make more time for other interests in my life."

Reserve Bank governor Adrian Orr said Bascand would leave with the bank's deep gratitude for his contribution to it and the wider financial system.

"Geoff has made an incredible contribution to the bank, and we're indebted to his leadership, guidance and wisdom," Orr said.

Bascand heads up its financial stability arm and also sits on its monetary policy committee which makes decisions on the official cash rate.

The governor, the Reserve Bank board and the Minister of Finance would now determine a replacement deputy governor, in line with the provisions of the RBNZ Act 1989 and RBNZ Act 2021.