Schembri retiring after nine years as Bank of Canada deputy governor

Schembri retiring after nine years as Bank of Canada deputy governor

OTTAWA — The Bank of Canada says Lawrence Schembri is retiring in June after 25 years at the country’s central bank, including nine as deputy governor.

From his appointment in 2013 as deputy governor to 2016, he shared responsibility for overseeing the bank’s analysis and activities to promote a stable and efficient financial system.

Since 2016, he has overseen the bank’s analysis of domestic economic developments.

The Bank of Canada says Schembri played a leading role in evolving the bank’s thinking on exchange rates and monetary policy in an open economy, the international monetary system and on global and domestic financial stability.

For the past few years, he has led the bank’s work to promote economic opportunity and inclusion for Indigenous Peoples, including as a founding member of the Central Bank Network for Indigenous Inclusion.

Governor Tiff Macklem thanked Schembri for his contributions to the bank’s success.

“Larry has worked with dedication to this institution, and to Canadians, for more than 25 years,” he stated in a news release.

Following his retirement, the governing council, which was expanded with Schembri’s appointment by former governor Mark Carney, will return to its usual complement of six people.

This report by The Canadian Press was first published Feb. 18, 2022.

The Canadian Press

We are experiencing technical difficulties with our commenting platform and hope to be up and running again soon. In the meantime, you can still send us your thoughts on Facebook or Twitter, or submit a letter to the editor.