NZ Foreign Minister Rebukes RBNZ Governor Over Powell Statement

New Zealand's Foreign Minister Winston Peters has publicly criticized the nation's new Reserve Bank Governor, Anna Breman, for intervening in US domestic affairs after she joined other global central bankers in endorsing Federal Reserve Chair Jerome Powell.

"The Reserve Bank of New Zealand has no business, and should not involve itself, in US domestic politics. We remind the governor to focus on her New Zealand responsibilities and concentrate on domestic monetary policy," Peters stated on social media platform X. He further noted that the Ministry of Foreign Affairs and Trade would have provided identical guidance had the governor consulted them, which she did not.

The RBNZ maintains independence from the central government on monetary policy issues, Peters clarified.

Breman, who commenced her five-year term leading the RBNZ on December 1, was among several central bank leaders—including European Central Bank President Christine Lagarde, Bank of England Governor Andrew Bailey, and Reserve Bank of Australia Governor Michele Bullock—who publicly supported Powell on Tuesday following threats of criminal charges against the US monetary authority.

"Central bank independence forms a fundamental pillar of price, financial, and economic stability for the citizens we serve," the collective statement from the central bankers emphasized. "Consequently, it is vital to safeguard this independence while fully respecting the rule of law and democratic accountability."

The RBNZ did not immediately respond to requests for comment.

Breman, previously the First Deputy Governor of Sweden's Riksbank, is both New Zealand's first female central bank governor and the first foreign national to lead the RBNZ since Englishman Leslie Lefeaux became its inaugural governor in 1934.