By Julie Gordon
OTTAWA (Reuters) -The Bank of Canada said on Friday that Deputy Governor Lawrence Schembri will retire effective June 17, 2022 and, at that time, the Governing Council will return to its usual six-person complement.
Schembri, who joined the central bank in 1997 and then Governing Council in 2013, is the second-longest serving deputy governor.
"Larry has worked with dedication to this institution, and to Canadians, for more than 25 years," Governor Tiff Macklem said in a statement. "His contributions to central banking, here in Canada and internationally, have been innumerable."
Since 2016, Schembri has been tasked with the oversight of the Bank's analysis of domestic economic developments. Deputy Governor Sharon Kozicki will take over that file after April's quarterly forecasts, the central bank said.
Senior Deputy Governor Carolyn Rogers (NYSE:ROG) will take on shared oversight of the central bank's financial system activities with Deputy Governor Toni Gravelle.
The council was temporarily expanded to seven after both Kozicki and Rogers joined last year.
Bank of Canada officials will meet on March 2, when they are widely expected to hike interest rates for the first time in more than three years. Money markets are betting on a 25-basis-point increase to 0.50% from current record low 0.25%. [BOCWATCH]
The Canadian dollar was trading 0.4% lower at 1.2750 to the greenback, or 78.43 U.S. cents.