The leader of New Zealand's central bank announced Tuesday he will step down in September when his five-year term expires. Reserve Bank Governor Graeme Wheeler said he always intended to serve only a single term and then to take on other governance roles. Wheeler's deputy Grant Spencer will take over as acting governor for six months after Wheeler departs, three days after national elections. Advocates say Wheeler has led the bank astutely through challenging times. Wheeler previously held top roles at the World Bank before running his own advisory business in the U.S.Spencer had planned to retire before being tapped for the acting governor role.

Source: ABC News February 07, 2017 02:30 UTC