MNI: Canada Names Carolyn Rogers From BIS as New BOC Deputy

Canada named Carolyn Rogers as the top deputy of its central bank on Monday, bringing home a veteran of the country's banking supervisor who had been working at the Bank for International Settlements to fill a spot that had been vacant since December.

Rogers won't start until Dec. 15, meaning the position will be unfilled for a year after the departure of Carolyn Wilkins. The governor and senior deputy are recommended by the BOC's outside board of directors and approved by the finance minister for seven-year terms.

"I am confident that, in addition to her exceptional resume, Ms. Rogers will bring a fresh perspective to the Bank of Canada," Finance Minister Chrystia Freeland said in a statement.

Like her predecessor she will be the only woman on the six-member Governing Council that oversees a current policy interest rate of 0.25% and weekly asset purchases of CAD3 billion. The seven-month search to fill the post was unusual at a time when Governor Tiff Macklem was touting the need to account for diversity in the build-back from the pandemic.

"Her domestic and international experience will bring a diverse perspective to the Bank. She is also a strong senior leader and strategic thinker – invaluable skills as the Bank charts an ambitious path to best serve Canadians," Macklem said in a statement.

Rogers currently serves as Secretary General of the Basel Committee on Banking Supervision and before that was a top official at OSFI, Canada's banking regulator. Born in Winnipeg, she holds an MBA from Ontario's Queen's University.

The appointment "is unlikely to change the overall trajectory of Canadian monetary policy," CIBC strategist and former BOC official Royce Mendes wrote in a research note.