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Bank governor names IMF official to key committee

Tuesday - 3/18/2014, 9:50am  ET

LONDON (AP) -- The Bank of England has appointed an International Monetary Fund official to a new job overseeing markets and banking -- a position created amid allegations that bank officials condoned fixing in currency markets.

Nemat "Minouche" Shafik, the IMF's deputy managing director, will be one of two deputy governors and join the rate-setting Monetary Policy Committee. Her appointment Tuesday helps correct a gender gap at the bank. When she takes up her post at the start of August, she will be the only woman on the nine-member MPC.

While at the IMF, Shafik oversaw much of its work in Europe during the past few crisis-fueled years.

Bank Gov. Mark Carney has pledged a "root and branch" review into how the bank monitors markets following the fixing allegations.


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