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New Zealand central bank chief to retire, deputy to act as stand in

Graeme Wheeler, governor of the Reserve Bank of New Zealand (RBNZ), speaks during a news conference in Wellington, New Zealand, on Thursday, Nov. 10, 2016.
Mark Coote | Bloomberg | Getty Images
Graeme Wheeler, governor of the Reserve Bank of New Zealand (RBNZ), speaks during a news conference in Wellington, New Zealand, on Thursday, Nov. 10, 2016.

Reserve Bank of New Zealand Governor Graeme Wheeler announced on Tuesday he would not be seeking a second term at the helm of the central bank when his current five-year term ends on Sept. 26.

The RBNZ will begin the process to pick a successor later in the year and Grant Spencer, deputy governor and head of financial stability, will serve a six-month term as acting governor while the search is conducted.

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