UK daily names former RBI governor Raghuram Rajan among top contenders to head Bank of England

Canada-born Mark Carney, the current governor of England’s central bank, who was also the first foreigner in three centuries to take up this role in 2013 is all set to step down at the end of his term in June 2019. Officially the term for a BoE governor is eight years but Carney chose to step down this year after completing his five-year term.

Philip Hammond, UK chancellor, is starting the process to select the next governor of the Bank of England to replace Mark Carney next year. Chicago-based former RBI governor Raghuram Rajan may be among some of the world’s leading economists in the running for the post of Bank of England governor as the UK government hunts for a candidate to take charge from next year.

This is at least the second time that the former Reserve Bank of India (RBI) governor’s name has been mentioned as a candidate for a top central bank. In October, financial magazine Barron’s had said that Rajan would be the ideal choice to chair the US Federal Reserve, a role that eventually went to Jerome Powell.

Rajan’s resume, which is adorned with associations with global economic institutions such as the World Bank and the International Monetary Fund in the past, make for a strong case for the UK, which is still coming to terms with Brexit.

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