MNI BRIEF: BOC's Lane Announces Retirement Just After Schembri

Bank of Canada Deputy Governor Tim Lane will retire in September, an announcement coming just after Larry Schembri wrapped up his own career at the central bank.

Lane's retirement takes effect Sept. 16, following the Bank's Sept. 7 rate decision, according to a statement. He has served as a deputy since 2009 following his arrival from the IMF, and the search for a replacement begins right away. One of his other roles besides helping set interest rates was leading work on financial technology including a potential central bank digital currency.

The BOC works by consensus making it hard to assess whether any member is more or less aggressive in fighting inflation that's now surged to the highest since 1983 at 7.7%. A former adviser has told MNI the Bank has been slow to respond and a hard landing is a risk as rates climb. (See MNI INTERVIEW: BOC Needs Faster Hikes, Risks Slump-Ex Adviser)