SYDNEY (AFP) -
Australia
named its next central bank governor Thursday, with Philip Lowe promoted
to the top job from deputy to replace Glenn Stevens in a widely-tipped
move.
The announcement came in the week the Reserve Bank of
Australia slashed interest rates to a new record-low of 1.75 percent to
boost the economy as it charts a rocky path away from mining dependence
after an unprecedented resources investment boom.
Stevens, who has
been at the helm for a decade and whose term ends on September 18, has
helped steer the nation through the global financial crisis and is
highly regarded at home and globally.
Treasurer Scott Morrison
thanked him for his service and said Lowe's appointment would "reinforce
existing confidence in the institution".
"The market will be
entirely comfortable with the appointment," National Australia Bank
senior economist David de Garis told AFP.
"The market has been
very happy with stewardship of the Reserve Bank under Glenn Stevens and I
think Phil Lowe is a highly intelligent, street-smart policy official
who will continue to be very well-received by the market."
Lowe has worked at the RBA for three decades and been deputy governor since 2012.
A new deputy governor will announced later this year.
© 2016 AFP
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