WELLINGTON, March 28 (Reuters) - The New Zealand government on Thursday announced the initial seven members of the Reserve Bank of New Zealand's new monetary policy committee who will make their first decision at the next cash rate review on May 8.
Reserve Bank Governor Adrian Orr will chair the seven-person committee, which will include Deputy Governor Geoff Bascand and two other RBNZ employees, Christian Hawkesby, the Assistant Governor and General Manager of Economics, and Yuong Ha, Manager for International and Markets Analysis.
The three external members are Caroline Saunders, Professor of International Trade and the Environment and Director Agribusiness and Economics Research Unit at Lincoln University; Bob Buckle, Professor Emeritus at Victoria University of Wellington; and Peter Harris, an economist with extensive experience in the trade union movement.
"The MPC members have a wide range of experience, covering monetary policy, agribusiness, international trade, private business and labour market issues," Finance Minister Grant Robertson said in a statement.
Saunders has been appointed to a four-year term while Buckle and Harris have three year terms. The RBNZ said the initial terms had been staggered to provide continuity over time for the committee.
On Wednesday, the RBNZ surprised markets by adopting an easing bias at its policy review, saying the next likely move in interest rates would be a cut.