Swiss National Bank official Andrea Maechler will leave to become deputy general manager at the Bank for International Settlements, the most senior woman ever appointed there.
(Bloomberg) — Swiss National Bank official Andrea Maechler will leave to become deputy general manager at the Bank for International Settlements, the most senior woman ever appointed there.
She will exit the SNB at the end of June after eight years. Maechler will take up her new job in September after the retirement of the incumbent, Luis Awazu Pereira da Silva, the Basel-based institution said in a statement on Monday.
“Ms Maechler’s knowledge and broad experience will be a great asset,” said Agustin Carstens, the BIS’s general manager. “She has been an active member of BIS committees and meetings and a trusted colleague within the central banking community. I look forward to welcoming her.”
Maechler was the first — and so far only — female rate setter in the Swiss central bank’s history, joining from the International Monetary Fund in 2015.
She took office months after the SNB shocked global investors by abandoning its cap on the franc, and in her pivotal role was responsible for overseeing many billions of francs in interventions as head of its markets operation.
While the logical next step in Maechler’s career would have been SNB vice president, that job went to Martin Schlegel last year.
Her exit means the SNB will have the chance to elevate a long-serving staffer or tap an outsider for fresh expertise.
The appointment will still present a challenge for Switzerland. Unless another woman is found to replace her on the SNB’s three-member Governing Board, its diversity record will slip.
Additionally, prior experience suggests that a successor from one of the smaller non-German-speaking regions may also be needed to reflect Switzerland’s multilingual structure.
The SNB Bank Council will propose a candidate, who then is appointed by the government.
Maechler will still take part in two quarterly rate decisions before she leaves. Economists predict that next week’s meeting will feature an interest-rate hike, with some — including those at Credit Suisse — also forecasting a move in June.
–With assistance from Jana Randow.
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