The Bank of Canada announced today that Deputy Governor Lawrence L. Schembri will retire on June 17, 2022.

Mr. Schembri joined the Bank in 1997 and was appointed Deputy Governor of the Bank of Canada in 2013. From 2013 to 2016, he shared responsibility for overseeing the Bank’s analysis and activities to promote a stable and efficient financial system, and from 2016 to the present, he has overseen the Bank’s analysis of domestic economic developments.

For much of his career at the Bank, Mr. Schembri was deeply involved in the Bank’s research and analysis of international economic developments, and 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. He coordinated the Bank’s contribution to the Financial Stability Board (FSB), including supporting Mark Carney as Chair of the FSB. In the past few years, Mr. Schembri has championed 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. He has also been a strong proponent of the Bank’s efforts to contribute to economic literacy in Canada, notably through his support for the Bank of Canada Museum and his leading role in the annual Governor’s Challenge competition for university students. Throughout his career, Mr. Schembri has actively reached out to listen to Canadians, explain the Bank’s analysis and policy, and help build their trust.

Governor Tiff Macklem thanked Mr. Schembri for his many contributions to the success of the Bank of Canada. “Larry has worked with dedication to this institution, and to Canadians, for more than 25 years,” Governor Macklem said. “His contributions to central banking, here in Canada and internationally, have been innumerable. But what really stands out about Larry is his deep sense of caring – for the Bank’s employees and for Canadians. We wish Larry the very best in his next chapter.”

Mr. Schembri’s responsibilities for the Bank’s analysis of domestic economic developments will be taken over by Deputy Governor Sharon Kozicki after the April Monetary Policy Report. Senior Deputy Governor Carolyn Rogers will take on oversight of the Bank’s financial system activities alongside Deputy Governor Toni Gravelle. Upon Mr. Schembri’s retirement, Governing Council will return to its usual complement of six people.