Canberra, July 14 (SocialNews.XYZ) The Reserve Bank of Australia (RBA) on Friday announced that it will be led by a woman Governor for the first time in its history.
Michele Bullock, who is currently the RBA's Deputy Governor, will replace outgoing Governor Philip Lowe when she starts her seven-year term from September 18, the BBC quoted a bank statement as saying.
"It is a challenging time to be coming into this role, but I will be supported by a strong executive team and boards," Bullock said
"I am committed to ensuring that the Reserve Bank delivers on its policy and operational objectives for the benefit of the Australian people," she added.
Taking to Twitter, Prime Minister Anthony Albanese said: "Congratulations Michele Bullock, Australia’s 9th Reserve Bank Governor. Michele is an outstanding economist, with a long and distinguished career at the central bank. At a critical time for the global economy, her job will be an important one.
"The Treasurer has made a first-rate appointment. I wish Michele all the best," he said.
The RBA is under pressure to tackle inflation, which is stretching household budgets.
The central bank has raised interest rates 12 times since last May -- to mixed reactions from economists.
The RBA's main interest rate is currently at an 11-year high of 4.1 per cent.
Earlier this year, the Australian government released its first external review of the RBA in 40 years.
<
div class="ssrcss-11r1m41-RichTextComponentWrapper ep2nwvo0" data-component="text-block">
<
div class="ssrcss-7uxr49-RichTextContainer e5tfeyi1">
The review made 51 recommendations, including calls for the central bank to have a clearer monetary policy framework and greater accountability.
<
p class="ssrcss-1q0x1qg-Paragraph eq5iqo00">
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz