New Zealand is reportedly set to appoint its first female governor of the central bank.

Insiders revealed that New Zealand is likely to appoint its first female central bank governor to reshape the image damaged by high-level turmoil. Insiders, who requested anonymity due to the sensitive nature of the market news, said the new governor will also be a foreign national. New Zealand Finance Minister Nicola Willis may announce the new governor as soon as Wednesday. Willis's spokesperson declined to comment on this. The New Zealand government is looking for a new governor on a global scale to replace Adrian Orr, who left office in March of this year. The appointment of a new governor comes at a time when the latest data shows a significant contraction in the New Zealand economy in the second quarter, increasing pressure on decision-makers to make more aggressive interest rate cuts. The new central bank governor will not participate in the next interest rate decision on October 8th, and it is expected that their term will begin before the end of the year.