Bank of England deputy governor departs for London School of Economics

BoE

Deputy governor of the Bank of England Minouche Shafik has announced she is stepping down at the start of 2017.

Minouche will become the director of the London School of Economics, from which she graduated with an MSc in economics in 1986. Minouche will be the first female to fill the role on a permanent basis.

She has served on the monetary policy committee, financial policy Committee and the PRA board.

The Bank of England is in the process of advertising her role, which she vacates at the end of February.

Bank of England governor Mark Carney says Minouche, who is reported to receive £201,881 annually for her role, leaves “an important legacy”.

Carney says: “She helped drive vital reforms on the domestic and international stages, perhaps most prominently in the successful completion of the Fair and Effective Markets Review which she co-chaired.

“She has overseen a transformation in how we manage our balance sheet and is modernising our high-value payments system. This has been alongside the invaluable insight she brings to all three main policy committees of the Bank and the inspirational leadership she gives to her colleagues.”

Minouche describes the opportunity to work at the LSE as “impossible to resist” but that she leaves the Bank with “a deep appreciation for its work and much admiration of its staff.”

“I have especially enjoyed connecting the dots and the people across the Bank’s monetary, macroprudential and microprudential policy responsibilities. Together we have stood up to every test, maintaining stability with a modern approach,” Minouche says.

Prior to the Bank of England, Minouche was deputy managing director at the International Monetary Fund, having previously worked for the Department of International Development and the World Bank.

Minouche also holds a doctorate degree from Oxford.