Former Reserve Bank of India (RBI) chief Raghuram Rajan is “moving up in the race to be the next Bank of England governor", news agency Bloomberg reported today. However, Dr Rajan had last year said that he did not intend to apply for the job of Bank of England governor.

Dr Rajan had earlier been mentioned by analysts as a possible future BoE governor after Mark Carney steps down early next year.

“I have a very good job at the University of Chicago and I actually am an academic, not a professional central banker. I am very happy where I am," Rajan told reporters after an event in London last year.

Now, a professor at Chicago Booth business school, Dr Rajan was the 23rd governor of the RBI between September 2013 and September 2016. Dr Rajan, who was the chief economist and director of research at the International Monetary Fund between 2003 and 2006, had warned of financial imbalances in the run-up to the 2007-08 global crisis.

Carney, a Canadian, became the first foreign governor in the Bank of England’s three-century history when he took up his role on July 1, 2013. He is due to step down on January 31 next year.

(With agency inputs)

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