(Reuters) -The New Zealand central bank said on Thursday it would consult staff on organisational changes later this month after restructuring its leadership team to streamline operations.
The Reserve Bank of New Zealand is facing a 25% cut to its budget in the coming fiscal year.
The bank said in a statement its leadership team structure would shift on June 16 to 20 director-level roles grouped under four areas: financial stability, money, enterprise services and operations.
RBNZ said the restructure would make the bank “more efficient, more focused, and more agile”, aligning with a four-member executive leadership structure introduced last month.
“This is a critical time for Te Putea Matua (RBNZ), and the changes we’re making are more than just structural,” said RBNZ Governor Christian Hawkesby.
“We want to ensure that we’re match-fit for the changing environment and context we’re operating in.”
The bank also appointed Kate Le Quesne as assistant governor for enterprise services, filling the final position on its new executive team.
The central bank said it would consult with staff about potential organisational changes later in the month, without giving any details.
Finance Minister Nicola Willis announced in April that RBNZ’s operating budget would be cut by roughly 25% in the coming fiscal year and be set at NZ$150 million ($90 million) for each of the next five years.
RBNZ has grown its workforce to 660 employees, an increase of more than 2-1/2 times from 255 in 2018.
($1 = 1.6592 New Zealand dollars)
(Reporting by Christine Chen in Sydney; Editing by Tom Hogue)
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