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GLENN STEVENS APPOINTED NEW HEAD OF AUSTRALIA'S CENTRAL BANK.
SYDNEY, Aug 1 Asia Pulse - The new head of Australia's central bank is Glenn Stevens, who replaces outgoing Reserve Bank of Australia (RBA) governor Ian Macfarlane.
Treasurer Peter Costello today named Mr Stevens, who is RBA deputy governor, to the job which will become vacant on September 18 after Mr Macfarlane retires after 10 years as governor.
Mr Stevens, 48, was the odds-on favourite to succeed Mr Macfarlane and his appointment would ensure continuity in the setting of interest rate policy in Australia, economists said.
"Mr Stevens is a career central banker, well respected and well known to the market," ICAP head of economics Michael Thomas said.
National Australia Bank senior markets economist David de Garis said Mr Stevens was well regarded.
"He has a wealth of RBA and economic experience, is market savvy and possesses a good balance of skills to steer the RBA to meet its monetary policy and other objectives," he said.
The announcement was made as the RBA board met today to consider whether to lift official interest rates for the second time this year to six per cent, from a current 5.75 per cent, to fight rising inflation.
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Source: HighBeam Research, GLENN STEVENS APPOINTED NEW HEAD OF AUSTRALIA'S CENTRAL BANK.