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The RBNZ announced in September that Deputy Governor Geoff Bascand would be leaving the bank in early 2022.

“Geoff has made an incredible contribution to the Bank, and we are indebted to his leadership, guidance and wisdom,” said RBNZ Governor Orr.

Obviously, this feeling was not mutual.

Bascand allegedly made “unauthorized comments on central bank leadership overhaul” and was shown the door early, according to an NBR report.

“Mr. Bascand revealed that he had shared information about the reorganization of the RBNZ leadership to a third party, which was not permitted and was in violation of protocol,” Orr said.

It’s like the French Revolution in the central bank right now except all heads are falling because of the exchanges and comments. Wouldn’t it be a shame if someone had the ax for being wrong about … all?


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