Bank of England appoints first female Deputy Governor

The first woman to be appointed Deputy Governor of the Bank of England will begin her job in August.

The first woman to be appointed Deputy Governor of the Bank of England will begin her job in August.

Dr Nemat "Minouche" Shafik was appointed Deputy Governor of the Bank of England responsible for Markets and Bank by the Chancellor and the Governor of the Bank of England.

Dr Shafik will hold seats on the Monetary Policy Committee, the Financial Policy Committee (FPC), and the Bank’s Court of Directors.  In addition, the Court of the Bank will appoint the Dr Shafik to the Board of the Prudential Regulation Authority.  Dr Shafik will therefore join the Governor and the Deputy Governor for Financial Stability, Sir Jon Cunliffe, as a member of all three main policy committees.

In her role as Deputy Governor for Markets and Banking, Dr Shafik will be responsible for reshaping the Bank’s operations and balance sheet, including ensuring robust risk management practices and helping to lead the design and execution of an eventual exit from quantitative easing by the MPC.  She will also oversee the implementation of reforms to the Bank’s Sterling Monetary Framework, lead the Bank’s work to build fair, efficient and effective financial markets, and review and strengthen the Bank’s Markets and Banking areas, including a comprehensive review of the Bank’s essential market intelligence function.

Dr Shafik will also be jointly responsible for the Bank’s international surveillance, analysis and engagement. She will represent the Bank in international groups and institutions, including as G7 Deputy and in the Bank’s engagement with the IMF, overseas central banks and the BIS.

She said: “I am excited to be joining the Bank at such a critical time of institutional change, and I look forward to fulfilling this challenging new role on the Bank’s senior leadership team, as we re-shape the Bank’s balance sheet, review and strengthen the Bank’s operational roles, and, through continued international engagement, reform financial markets for the post-crisis world.”

Egyptian-born Dr Shafik has been Deputy Managing Director of the IMF since April 2011 where she oversees work on countries in Europe and the Middle East. She is also responsible for the IMF’s $1 billion administrative budget, human resources for its 3,000 staff and oversees the IMF’s training and technical assistance for policy makers around the world. She regularly chairs the Board of the IMF and represents the organisation in a variety of global fora. She was Permanent Secretary of the Department for International Development (DFID) from March 2008 to March 2011. As chief executive of the department responsible for all UK development efforts she oversaw a bilateral aid programme in over 100 countries, multilateral policies and financing for the United Nations, European Union and international financial institutions, and overall development policy and research. Prior to coming to DFID in 2004, Nemat was the youngest ever Vice President at the World Bank.

She has held a number of academic appointments at the Wharton Business School, University of Pennsylvania and the Economics Department at Georgetown University. Nemat has a BA in Economics and Politics from the University of Massachusetts-Amherst, an MSc in Economics from the London School of Economics and a DPhil in Economics from St. Antony's College, Oxford University.

Dr Shafik has two children and three step-children. 

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