Raghuram Rajan says he doesn’t plan to apply for top job at Bank of England

Raghuram Rajan: “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.”

By: Bloomberg | London | Published: May 17, 2018 3:36:08 pm
Raghuram rajan, bank of england, governor boe, rbi, former rbi governor Former RBI Governor Raghuram Rajan has been in the news following reports that he may take up the top job at the Bank of England.

Raghuram Rajan said he doesn’t plan to apply for the job of Bank of England governor, which Mark Carney will leave in just over a year.

Rajan, a former Reserve Bank of India governor who is now at the University of Chicago Booth School of Business, has been mentioned in connection with the position. Speaking to reporters in London after delivering a speech, the topic was the first question he was asked about.

“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.”

UK Chancellor of the Exchequer Philip Hammond has indicated a willingness to look abroad for a new governor. In addition to Rajan, other potential foreign candidates could include former Mexican central bank chief Agustin Carstens, who now runs the Bank for International Settlements.

Still, the favorite for the job remains FCA Chief Executive Andrew Bailey, while other names linked to the role include BOE Deputy Governors Ben Broadbent and Dave Ramsden. The UK Treasury hasn’t yet advertised for the role.

Rajan was also asked if he was ruling out applying. His response: “I’ve said all I can say — I’m very happy where I am. I’m not going to apply for a job anywhere, absolutely.”

Given the buildup to Carney’s appointment, such denials may not carry much weight for those trying to figure out who takes over at the BOE.

Asked in a BBC interview in August 2012 if was interested in the UK job, the Canadian said he was “very focused” on his current posts. Questioned if that meant “a no or a never consider the job?” he said: “It’s both. How’s that?”

Less than four months later, he was named to the role.

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