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Former World Bank exec to head NZ's central bank

Tuesday - 6/26/2012, 2:24am  ET

WELLINGTON, New Zealand (AP) - Former World Bank executive Graeme Wheeler has been named as the next head of New Zealand's central bank.

Wheeler, 60, will replace Alan Bollard as Reserve Bank governor and chief executive in September. Bollard is retiring after 10 years in the role.

An expatriate New Zealander, Wheeler lives in Washington D.C. where he runs a financial advisory business.

During his 13 years at the World Bank, Wheeler served as managing director of operations, vice president and treasurer. Before that, Wheeler worked in senior positions at New Zealand's Treasury and Debt Management Office.

The central bank currently has a policy of keeping inflation at between 1 and 3 percent. It is charged with setting interest rates, which it does by reviewing the Official Cash Rate eight times each year.


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)