Orr was reportedly willing to accept a 16.5% cut, but ultimately the board approved a sharper reduction to NZ$750 million in annual funding. The Reserve Bank said Orr felt he had “achieved all he could” and could not continue under the new constraints. His resignation followed a February 24 meeting with Willis and Treasury officials, after which Orr and RBNZ Chair Neil Quigley discussed and negotiated his departure.
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Info via New Zealand media outlets.
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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