Australian Treasurer Jim Chalmers said he will delay appointing a new governor for the Reserve Bank of Australia until end-July.
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Australia has appointed Michele Bullock as the next governor of the Reserve Bank of Australia, the country’s Treasury said Friday.
Bullock, currently deputy governor of the central bank, becomes the first woman to lead the central bank. She succeeds incumbent Philip Lowe when he finishes a seven-year term in office on Sept. 17.
Australian Treasurer Jim Chalmers had in June delayed his decision to end-July. The RBA is Australia’s central bank and banknote issuing authority.
Lowe had faced criticism over his policy guidance and communication. After repeatedly saying in 2021 that interest rates would not rise until 2024, Lowe ended up hiking interest rates by a whopping 400 basis points since May last year to its highest in 11 years when inflation unexpectedly surged.
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This story originally appeared on CNBC
