Australia named its next central bank governor yesterday, with Philip Lowe promoted to the top job from deputy to replace Glenn Stevens in a widely-tipped move.
The announcement came in the week the Reserve Bank of Australia slashed interest rates to a new record-low of 1.75 percent to boost the economy as it charts a rocky path away from mining dependence after an unprecedented resources investment boom.
Stevens, who has been at the helm for a decade and whose term ends on Sept. 18, has helped steer the nation through the global financial crisis and is highly regarded at home and globally.
Australian Treasurer Scott Morrison thanked him for his service and said Lowe’s appointment would “reinforce existing confidence in the institution.”
“The market will be entirely comfortable with the appointment,” National Australia Bank senior economist David de Garis told reporters. “The market has been very happy with stewardship of the Reserve Bank under Glenn Stevens and I think Phil Lowe is a highly intelligent, street-smart policy official who will continue to be very well-received by the market.”
Lowe has worked at the Reserve Bank of Australia for three decades and been deputy governor since 2012.
A new deputy governor is to be announced later this year.
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