Investing.com -- The Reserve Bank of Australia will see a new governor in September in the appointment of Philip Lowe, current deputy governor, with Glenn Stevens stepping down at the end of his term.
Stevens has been governor since Sept. 18, 2006 and his term ends Sept. 17.
Lowe has held various positions at the RBA since 1980. He became deputy governor in February 2012.
When Stevens was named governor, the cash rate was at 6.0%. It rose to a high of 7.25% in August 2008 before the global financial crisis forced the rate down to 3.0% by September 2009.
Earlier this week, Stevens cut the cash rate by 25 basis points to a new record low of 1.75%.