Bollard quits NZ Reserve Bank

After a decade at the helm the governor of New Zealand's Reserve bank, Alan Bollard, on Monday announced he is to step down in September after deciding not to seek a third term in office.

The move comes as the country is preparing for a large-scale privatisation programme that involves the sale of stakes in several state-owned corporations including Genesis, Solid Energy, Mighty River Power and Meridian.

Bollard leaves as New Zealand is struggling with slow economic growth, raised funding costs for its and a strong domestic currency.

The focus will now be on who will succeed Bollard to take on the most powerful post in New Zealand's . Former central bank deputy Murray Sherwin, Reserve Bank chairman Arthur Grimes and Reserve Bank deputy governor Grant Spencer are all in the running.

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