Long-serving member of Governing Council set to step down
The Bank of Canada has announced that deputy governor Lawrence Schembri is to retire.
Schembri will leave the central bank on June 17, having served in his current position since 2013. The Bank indicated in its statement that the Governing Council – currently comprising the governor, senior deputy governor and five deputy governors – would return to its usual six-person arrangement upon his retirement.
Schembri’s responsibilities include overseeing the Bank’s analysis of domestic economic developments, with deputy governor Sharon Kozicki set to take over those duties after the release of April’s Monetary Policy Report.
Senior deputy governor Carolyn Rogers will assume oversight of the central bank’s financial system activities alongside deputy governor Toni Gravelle, the Bank said.
Governor Tiff Macklem paid tribute to Schembri’s achievements during his time with the Bank of Canada, with the Bank’s statement also noting that he had been “deeply involved” in research and analysis of economic developments across the world.
“Larry has worked with dedication to this institution, and to Canadians, for more than 25 years,” Macklem said. “His contributions to central banking, here in Canada and internationally, have been innumerable.”
Schembri was credited with helping change the Bank’s thinking on monetary policy and exchange rates in an open economy, as well as on global and domestic financial stability.
The Bank’s statement said that he had also worked to promote economic opportunity and inclusion for Indigenous Peoples and improve economic literacy across the country.
The Governing Council is responsible for policymaking at the Bank of Canada, setting monetary policy and determining the strategic direction of the Bank to promote a “sound and stable” financial system.
