MNI BRIEF: BOC Deputy Leaving, Internal Replacement Sought

Bank of Canada Deputy Governor Paul Beaudry is leaving at the end of July, returning to the University of British Columbia, and the central bank said Tuesday "an internal recruitment process" will be used to fill the position.

Beaudry is one of the six members on Governing Council that sets the Bank's policy rate, currently 4.5%. The council works by consensus and the central bank doesn't publish vote tallies so the influences of individual members are hard to judge.

The departure further shakes up a group where Beaudry was the longest-serving member despite having joined in just February 2019. Deputy Toni Gravelle joined in October 2019 and Governor Tiff Macklem returned to the Bank in June 2020 after previously working as Senior Deputy Governor. Two others joined the council in 2021 and an external deputy joined last month.

"Paul has been a crucial member of the Governing Council team during one of the most challenging periods in the Bank’s history," Governor Macklem said in a statement, noting Beaudry was one of two deputies overseeing financial system activities.