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The Reserve Bank has appointed former National Bank chief economist John McDermott its head of economics.
Current head of economics, Grant Spencer, will take over as head of financial stability.
The moves come after the recent departure of deputy governor Adrian Orr to take up the role of chief executive of the Guardians of the New Zealand Superannuation Fund.
Dr McDermott, currently economics professor at Victoria University, begin at the bank on June 11.
Dr McDermott has previously worked for the bank in various roles and at the International Monetary Fund.
Once Mr Spencer moves to the financial stability department, bank chief economist Bernard Hodgetts will be acting head of economics until Dr McDermott takes up his appointment, the bank said.
- NZPA
