(Reuters) -Reserve Bank of New Zealand Chair Neil Quigley has tendered his resignation from the board and as chair with immediate effect, Finance Minister Nicola Willis said on Friday.

"Mr Quigley has decided that having overseen a number of key workstreams for the Bank, now is the appropriate time for him to hand over to a new Chair," Willis said in a statement.

Deputy Chair Rodger Finlay will exercise the functions of chair until an appointment is made and Quigley's vacancy on the board will be filled in due course, according to the statement.

Quigley spent 15 years as a board member of the central bank and nine as chair. He was re-appointed to the role in 2024 for a further two-year term.