Silvana Tenreyro, 43, was appointed member of the Bank of England’s (BoE) Monetary Policy Committee (MPC) on Monday.

She will begin her three-year term on the MPC — the committee that sets UK interest rates — on 7 July.

Tenreyro, who holds British, Argentine and Italian citizenship will join the MPC as an external member, replacing US economist Kristin Forbes.

There were 31 applications for the post, the Financial Times reported.

As the only woman on the MPC, Tenreyro’s appointment follows the resignation of Charlotte Hogg, the former BoE deputy governor and the departure of Minouche Shafik, the former BoE deputy governor for markets and banking earlier this year.

BoE governor Mark Carney said in a statement:

I am delighted to welcome Silvana Tenreyro to the Monetary Policy Committee and am very much looking forward to working with her.

“Her extensive and varied academic experience – on the monetary transmission mechanism, the dynamics of productivity, trade, housing issues as well as wage dynamics, to name just a few – will be invaluable to the committee as it seeks to promote the good of the people of the United Kingdom through maintaining monetary stability,” he added.

Tenreyro, who holds a PhD in economics from Harvard University is currently a professor of economics at the London School of Economics (LSE).

She has been employed by the LSE since 2004.

She has also served as an external member of the central bank of Mauritius and has worked at the US Federal Reserve Bank of Boston.

UK chancellor Philip Hammond said:

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I am delighted to appoint Professor Silvana Tenreyro as the new external member of the Monetary Policy Committee at the Bank of England.

“I am confident that professor Tenreyro will be a strong addition to the MPC, bringing a wealth of economic experience and academic rigour to the Committee’s deliberations,” he added.