Reserve Bank governors found it challenging working with Robert Muldoon, who was prime minister from 1975 to 1984, because Muldoon expected them to follow his orders. Ray White became Reserve Bank governor in 1977, but declined a second term in 1982 because he could not work constructively with Muldoon. He is seen here in 1982.
Te whakamahi i tēnei tūemi
New Zealand Listener
Photograph by Jane Ussher
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