New RBNZ governor revealed

"Mr Wheeler's extensive experience makes him a highly respected figure in world financial markets and within New Zealand," says Finance Minister Bill English. "We were fortunate to have someone of his calibre available for this important role."

Wheeler will be governor-designate until a new policy targets agreement (PTA) is finalised - each new governor must sign a PTA - and will take the helm at the central bank when Bollard ends his second term on September 25.

English says he doesn't envisage any major changes to the PTA. "However, the global financial crisis has focused some attention on monetary policy frameworks and I want to ensure that the PTA continues to reflect best international practice," English says.

Wheeler worked for the World Bank between 1997 and 2010, most recently as operations managing director between 2006 and 2010 and before that as vice-president and treasurer between 2001 and 2006.