(OTTAWA) The Bank of Canada announced Friday that Lawrence Schembri will retire in June, after working at the central bank for 25 years, including nine as deputy governor.
Posted at 5:48 p.m.
From his appointment in 2013 as Deputy Governor until 2016, he shared responsibility for overseeing the bank’s analyzes and activities to foster the stability and efficiency of the financial system.
Since 2016, he has overseen the bank’s analyzes of the evolution of the Canadian economy.
Schembri has played a leading role in shaping the bank’s thinking on exchange rates and monetary policy in an open economy, the international monetary system, and global and national financial stability, the bank said. in a press release.
In recent years, he has led the bank’s work to promote economic opportunity and inclusion for Indigenous peoples, including as a founding member of the Central Banks Network for Indigenous Inclusion.
Governor Tiff Macklem thanked Mr. Schembri for his contribution to the bank’s success.
“Larry has been dedicated to our institution, and to Canadians, for more than 25 years,” he said in a statement.
Following Mr. Schembri’s departure, the central bank’s Governing Council will return to its usual composition of six members. It had been expanded by former Governor Mark Carney to include Mr Schembri.