Australia appoints new central bank governor

GMT 12:13 2016 Thursday ,05 May

Arab Today, arab today Australia appoints new central bank governor

Philip Lowe will take over from Glenn Stevens as governor of the Reverse Bank
Sydney - AFP

Australia named its next central bank governor Thursday, 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 September 18, has helped steer the nation through the global financial crisis and is highly regarded at home and globally.

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 AFP.

"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 RBA for three decades and been deputy governor since 2012.

A new deputy governor will announced later this year.

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