Bank of Canada Deputy Governor Timothy Lane will retire on Sept. 16.
The central bank made the announcement on June 22 and added Lane will participate in both the July and September policy rate decisions before retiring this fall.
Lane joined the bank in August 2008 as an advisor to the governor following a 20-year career at the International Monetary Fund, an international financial institution consisting of about 190 countries, including Canada. He became the Bank of Canada’s deputy governor in February 2009 and during his tenure oversaw the analysis of the Canadian economy, various financial markets and other international economic developments. Since 2018, he has overseen the bank’s work on banking and payments plus its research into currency and financial technology, including central bank digital currencies.
“During my time at the bank – from the global financial crisis through the pandemic and its repercussions – Canada has faced an extraordinary series of challenges which call for clear thinking and strong leadership,” said Lane. “I’ve been proud to belong to the bank through this period and had the privilege of working with such a talented team.”
The process to appoint a new deputy governor has already started. The bank’s board of directors will form a selection committee to conduct the search and selection process with the assistance of a global executive recruitment firm.