LONDON The Bank of England has appointed the head of its foreign exchange division, Paul Fisher, to join the Monetary Policy Committee with effect from March 1, the central bank said on Thursday.
Fisher will take on the role of executive director of markets from existing MPC member Paul Tucker, who was appointed in December to succeed John Gieve as deputy governor for financial stability when Gieve steps down in March.
Fisher, 50, joined the central bank in 1990 and was private secretary to Bank Governor Eddie George between 1999 and 2002, before he was appointed to lead the Bank's foreign exchange division.
"Paul has wide experience of the foreign exchange markets and also of the monetary policy process and he will bring a new perspective to the MPC," Bank Governor Mervyn King said in a statement.
The central bank said the appointment was the first to be made under new arrangements that require it to advertise posts externally as well as internally.
The Bank added that the appointment was made in consultation with finance minister Alistair Darling.
(Reporting by Fiona Shaikh; Editing by Victoria Main)