New governor at Bank of Canada

Tiff Macklem, former senior deputy governor of the Bank of Canada, was appointed to the helm of the central bank by Finance Minister Bill Morneau earlier this month.

He will replace outgoing governor Stephen Poloz, whose term ends June 2.

“Tiff has deep knowledge of monetary policy and financial stability issues, a proven crisis management track record and extensive senior leadership experience,” says Claire Kennedy, chair of the special committee of the bank’s board of directors.

The dean of the Rotman School of Management at the University of Toronto since July 2014, Macklem previously served as the Bank of Canada’s senior deputy governor from 2010-14. He’s returning to the bank – and in the top spot – as the country reels in response to the COVID-19 pandemic.

The Bank of Canada, which recently projected the country’s economy could shrink by 30 per cent or more in the second quarter, is also currently undergoing a selection process to choose the face of the new $5 banknote.

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