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Raghuram Rajan: Contender for Top Job at Bank of England India’s former central bank chief Raghuram Rajan was featured in a list of contenders for the top job at the Bank of England by the Financial Times.

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India’s former central bank chief Raghuram Rajan was featured in a list of contenders for the top job at the Bank of England by the Financial Times.

Rajan, 55, whose three-year term at the Reserve Bank of India ended in September of 2016 is currently a Katherine Dusak Miller Distinguished Service Professor of Finance at Chicago Booth. He has also been the Chief Economist and Director of Research at the International Monetary Fund.

“Attracting Raghuram Rajan, the highly respected Chicago-based economist and former Reserve Bank of India governor, would be a coup, as would securing Agustin Carstens, Mexico’s central bank chief and the new general manager of the Bank of International Settlements,” the FT article said.

The process to select the next governor is likely to begin in July with an advertisement for the job and much ahead of Governor Mark Carney’s departure in June 2019.

“The formal process has not yet started but I, and many other people I am sure, may have cast their eye around various rooms to see if any likely looking candidates hove into view,” Britain’s Chancellor of the Exchequer Philip Hammond was quoted saying in the FT article. The Chancellor has significant influence in the selection process.

Rajan had decided to not extend his term at India’s central bank after some controversy over his continuation in the top job.

“I want to share with you that I will be returning to academia when my term as Governor ends on September 4, 2016.  I will, of course, always be available to serve my country when needed, “ Rajan had said in a press statement.

The search for the next governor and deputy governors of the BoE assumes added importance as UK prepares for Brexit in March of 2019.

The caveat though is listed under cons for Rajan: No indication that he would want the job at the BoE.

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