December 23, 2013 / 5:59 PM / 6 years ago

Bank of Canada Deputy Governor Murray to retire in April

TORONTO (Reuters) - Bank of Canada Deputy Governor John Murray will retire in April, the central bank said on Monday, marking the second departure from the bank’s governing council announced this month.

A sign framed by maple leaves is pictured in front of the Bank of Canada building in Ottawa July 17, 2012. REUTERS/Chris Wattie

Murray, 65, is one of four deputy governors at the bank and is also a member of the six-person council that makes its key rate-setting decisions.

He joined the bank in 1980 and was appointed deputy governor in January 2008, taking responsibility for overseeing analysis of domestic and international economic developments.

Paul Ferley, assistant chief economist at Royal Bank of Canada, said that while he had not expected Murray to depart, the news did not come as a shock and did not suggest a policy split at the bank.

“Certainly there hasn’t been any public indication of any split in view. ... He’s always been very supportive in terms of the conduct of overall policy,” he said.

“John has been at the bank a long time and maybe just decided it was time to move on.”

Three weeks ago, the bank said Tiff Macklem, senior deputy governor, would retire in May to become dean of the University of Toronto’s Rotman School of Management.

Macklem had been seen as a front-runner to replace Mark Carney as bank governor, but lost out to Stephen Poloz when Carney stepped down earlier this year.

Poloz thanked Murray for his dedication to the bank.

“His work has had a significant impact on central banking, not only in Canada but at the global level, as his colleagues around the world will readily attest,” he said in a statement.

The bank, which does not have a mandatory retirement age for governing council members, said it will begin the process to appoint a replacement for Murray in early 2014.

Reporting by Cameron French; Editing by Leslie Adler; and Peter Galloway

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