Reserve Bank of New Zealand Assistant Governor Karen Silk will leave at the end of the year, triggering a refresh of the central bank's senior leadership. Silk will depart in December after the final monetary policy decision of the year, the RBNZ said Tuesday in Wellington. She joined the bank in 2022 after a lengthy banking career with Westpac, and most recently was Assistant Governor Money responsible for a ranged of functions including financial markets operations and economics.

"After a long and varied career in banking and public service, this feels like the right time to begin a new chapter," she said in a statement. "I am looking forward to spending more time with family and pursuing personal interests, while continuing to contribute to New Zealand's business and investment community."

Governor Anna Breman, who joined the RBNZ in December, said Silk will continue to lead her portfolio through December, and there are plans in place to ensure an orderly handover and continuity of decision-making. Silk sits on the Monetary Policy Committee, which makes interest rate decisions. The RBNZ will review the shape of the executive leadership team and establish two assistant governor roles — assistant governor monetary policy and assistant governor payments and cash — to strengthen leadership capacity, clarify accountabilities and support closer coordination across the RBNZ core responsibilities, Breman said. The new assistant governor monetary policy is expected to join the MPC, subject to approval by the finance minister, the RBNZ said. The MPC currently has three internal members and three external members. The bank is also working through arrangements for a short-term appointment of a new internal member of the MPC, it said.