TORONTO Dec 23 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.
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
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.