May 18, 2018

Rajan Shuts Down Rumors That He's Interested in Top Bank of England Post

Professor Raghuram Rajan (right) speaks to author Liaquat Ahamed (left).

Courtesy of Financial Times

Raghuram Rajan, a professor at the Booth School of Business and the former governor of the Reserve Bank of India, said on Wednesday that he will not apply to be governor of the Bank of England. According to Bloomberg, Rajan was asked about the possibility at a Booth School of Business event in London.

Bloomberg quoted Rajan’s response: “I have a very good job at the University of Chicago, and I am actually an academic, not a professional central banker. So I’m very happy where I am.”

The current governor, Canadian economist Mark Carney, is leaving the position in June 2019 after deciding to stay an extra year following the Brexit vote.

Chancellor of the Exchequer Philip Hammond is responsible for naming Carney’s replacement. British bank regulator Andrew Bailey is widely expected to take the job, according to the Financial Times, although several other British and international candidates have been proposed. Carney is the first foreign head of the bank in centuries, according to Bloomberg, but Hammond has left open the possibility of a non-British successor.