Former RBI governor Raghuram Rajan says no to top bank job in England

Former RBI governor and chief economist Raghuram Rajan told the reporters that he is not interested to be the future Bank Of England governor.

Raghuram Rajan Former RBI governor Raghuram Rajan says no to top bank job in England Source : Press

Former Reserve Bank of India chief Raghuram Rajan said he did not intend to apply for the job of Bank of England governor which is due to come vacant next year. 

Mr. Rajan has been mentioned by analysts as a possible future BoE governor after Mark Carney - who previously headed Canada's central bank - steps down at the end of June 2019.

While talking to the reporters at a recent event in London Rajan said, "I have a very good job at the University of Chicago and I actually am an academic, not a professional central banker. I am very happy where I am. I think I've said all I can say. I'm not going to apply for a job anywhere, absolutely."

Aside from current senior BoE staff, other names mentioned include Agustin Carstens, the Mexican who is general manager of the Bank for International Settlements, Minouche Shafik, a former BoE deputy governor who heads the London School of Economics and Shriti Vadera, who chairs Santander UK.

Mr. Rajan is a former chief economist at the International Monetary Fund and warned of financial imbalances in the run-up to the 2007-08 global crisis. 

On Wednesday, he said that banks were now much safer but risk had shifted to other parts of the financial system. Debt troubles in Argentina were likely to be repeated elsewhere and he highlighted the increased volume of 'covenant-lite' loans compared with before the crisis.

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