The Bank of Canada announced today that Deputy Governor Paul Beaudry will leave the Bank at the end of July 2023. Mr. Beaudry will return to his academic position at the University of British Columbia.

Mr. Beaudry was appointed as a Deputy Governor in February 2019 and assigned as one of two Deputy Governors responsible for overseeing the Bank’s financial system activities. Since December 2020, he has been responsible for overseeing the Bank’s analysis of international economic developments in support of monetary policy decisions. He has also served as the Bank’s G7 and G20 Deputy. Before his appointment to the Bank of Canada, Mr. Beaudry was a professor of economics at University of British Columbia’s Vancouver School of Economics.

Governor Tiff Macklem praised Mr. Beaudry’s invaluable contributions to the Bank’s policymaking, research and global engagement activities during his time at the Bank of Canada.

“Paul has been a crucial member of the Governing Council team during one of the most challenging periods in the Bank’s history. We have benefitted immensely from his expertise and thought leadership, his boundless energy, and his exceptional communication skills,” Governor Macklem said. “Most of all, we’ve benefited from Paul’s commitment to team-work – whether that’s been as a member of Governing Council, in all of his collaborations with Bank of Canada staff, or as a member of the international policy-making community. Paul has had a profound impact on everyone he has worked with and he will be missed. We wish Paul every success in his return to UBC and look forward to continuing our long-standing relationship with him as one of Canada’s foremost academics.”

The Bank will soon undertake an internal recruitment process for the Deputy Governor position that will be vacated upon Mr. Beaudry’s departure.