UK Treasury Breaks Glass Ceiling with IMF's Nemat Shafik as BoE Deputy Governor of Markets and Banking
UK Treasury Breaks Glass Ceiling with IMF's Nemat Shafik as BoE Deputy Governor of Markets and BankingReuters

The UK Treasury has appointed Nemat Shafik as the new Bank of England deputy governor for markets and banking as of 1 August this year.

The BoE's governor Mark Carney has publically supported more women at the central bank which is dominated by men.

Shafik will take over from Paul Fisher and will sit on the monetary policy committee. She will also attend the financial policy committee meetings.

Who is Nemat Shafik?

Shafik has been the deputy managing director of the International Monetary Fund since April 2011, where she oversees work on countries in Europe and the Middle East.

She is also responsible for the IMF's $1bn (£602m, €719m) administrative budget and the human resources for its 3,000 staff.

Shafik 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.

She was the primary interface for Ministers, appeared regularly before Parliament and represented the department externally.

Prior to coming to DFID in 2004, Nemat Shafik was the youngest ever Vice President at the World Bank where she was responsible for improving the performance of a private sector and infrastructure portfolio of investments worth about $50bn.

Shafik has also chaired six international consultative groups and served on seven boards on a wide range of sectors and issues.

Shafik has authored, edited, and co-authored a number of books and articles. She was named "Woman of the Year" for Global Leadership and Global Diversity in 2009.

Source: IMF