The Bank of Canada said that Deputy Governor Lawrence Schembri is retiring this June after 25 years at the country’s central bank.
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, Schembri has overseen the bank’s analysis of domestic economic developments.
The Bank of Canada said 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, Schembri 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.
Following his retirement, the Bank of Canada’s Governing Council, which was expanded with Schembri’s appointment by former governor Mark Carney, will return to its usual complement of six people.