OTTAWA (Reuters) – The Bank of Canada (BoC) said on Friday that it has picked long-time central bank executive Rhys Mendes to serve as deputy governor from July, filling a vacancy that will be created by Deputy Governor Paul Beaudry’s departure.
As deputy governor, effective July 17, Mendes will oversee the BoC’s economic and financial research as well as its analysis of international economic developments, according to a statement from the central bank.
Mendes, who joined the bank in 2004, has been on secondment to Canada’s finance ministry since 2021, where he was serving as assistant deputy minister.
“We will benefit greatly from his experience and expertise in economic modelling, monetary policy framework design, and international policy issues,” BoC Governor Tiff Macklem said in the statement.
Mendes has a B.A. in economics from York University, and an MA and PhD in economics from the University of Toronto. At the bank, he has held positions including managing director of economic and financial research and managing director of international economic analysis.
Last month, the bank said Deputy Governor Beaudry will leave at the end of July to return to academia, after an over four-year stint during which the bank dealt with challenges tied to the COVID-19 pandemic and the invasion of Ukraine.
(Reporting by Ismail Shakil in Ottawa; Editing by Chris Reese and Chizu Nomiyama)
