The Bank of Canada announced today that Deputy Governor Timothy Lane will retire on September 16, 2022.

Mr. Lane joined the Bank in August 2008 as an Advisor to the Governor, after a distinguished 20-year career at the International Monetary Fund. He was appointed Deputy Governor in February 2009. During his tenure as a member of the Bank’s Governing Council, he has overseen analysis of the Canadian economy, the Bank’s work on financial markets, and the Bank’s analysis of international economic developments, including serving as the Bank’s G7 and G20 Deputy. Since 2018, he has overseen the Bank’s work on banking and payments and its currency research. He has also led the Bank’s ongoing work on financial technology, including a potential central bank digital currency.

Governor Tiff Macklem congratulated Mr. Lane on his impressive career spanning two leading economic institutions and thanked him for his dedicated service to Canadians. “Tim has provided superb intellectual leadership to the Bank since his arrival in 2008. The range of activities he has been involved in over that time is a testament to the breadth of Tim’s expertise and capabilities. He led with ideas and brought us together to make them better, with a kind smile, a sense of humour and a soft-spoken approach. We will miss Tim’s wisdom and experience, and we wish him all the best in this next chapter of life.”

Mr Lane expressed his gratitude to the Bank and all his colleagues for all their support and collaboration over his tenure. “During my time at the Bank—from the Global Financial Crisis through the pandemic and its repercussions—Canada has faced an extraordinary series of challenges which call for clear thinking and strong leadership. I’ve been proud to belong to the Bank through this period and had the privilege of working with such a talented team.”

The process to appoint a new Deputy Governor will begin immediately. The Board of Directors will form a selection committee to conduct the search and selection process, with the assistance of global executive recruiting firm Boyden. Public advertisements for the Deputy Governor position will be published on the Bank's web site, as well as in major media outlets, in due course.

Mr. Lane will participate in both the July and September policy rate decisions, prior to his retirement this fall.