MNI POLICY: BOC Names Toni Gravelle As Deputy Governor

By Greg Quinn

     OTTAWA (MNI) - The Bank of Canada named Toni Gravelle as Deputy Governor

effective Oct. 1,replacing Lynn Patterson who retired in July.

     Gravelle has been Managing Director of the Bank's Financial Markets

Department since May 2015, and joined the BOC in 1996.

     Gravelle will be on board for the next rate decision Oct. 30. Earlier this

month Governing Council led by Stephen Poloz held the key rate at 1.75%, saying

the economy is close to full capacity. That bucked a global trend of offering

stimulus amid a U.S.-China trade war. How Gravelle will add to the debate is

unclear since BOC's Governing Council operates by consensus and there are no

published votes of individual members.

     The Bank on Thursday also named Mark Hardisty Special Advisor to the

Governor for a two-year term starting Nov. 6. He will be senior representative

for financial markets at the Toronto Regional Office. He was Global Head of Debt

Syndication at CIBC Capital Markets.

     See the announcement at:

https://www.bankofcanada.ca/2019/09/bank-of-canada-announces-deputy-governor-and

-special-advisor-appointments-september-19-2019/

--MNI London Bureau; +44 203 865 3829; email: jason.webb@marketnews.com

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