The Secretariat for the Economy is one of several important initiatives announced by the Vatican Monday as part of the Pope's drive for reform to the way the Holy See administers its finances.
CEO of the Catholic Church's Truth Justice and Healing Council, Francis Sullivan has congratulated Cardinal Pell on his appointment.
"This is one of the most important roles in the Vatican which will see the Cardinal overseeing the economic and administrative affairs of the Holy See and the Vatican State," Mr Sullivan said.
"It will also see Cardinal Pell responsible for management and reform of the Vatican's administration and finances, reporting directly to the Pope."
Cardinal Pell will leave his current role after giving evidence at the Royal Commission into Institutional Responses into Child Sexual Abuse in Sydney next month.
"The Cardinal has advised me he remains fully committed to cooperating with the Royal Commission and making himself available as it sees fit," Mr Sullivan said.
Cardinal Pell was appointed Archbishop of Melbourne in 1996 by Pope John Paul II before his appointment as Archbishop of Sydney in 2001.