TORONTO (Reuters) - The Bank of Canada appointed Toni Gravelle, who has been managing director of the central bank’s financial markets department, as a new deputy governor to replace the retired Lynn Patterson.
Gravelle will join the governing council that makes interest rate decisions and will share responsibility for overseeing the bank’s financial system activities with Deputy Governor Paul Beaudry, a Bank of Canada press release said on Thursday. The appointment will be effective on Oct. 1.
In addition to leading the execution of the central bank’s financial market activities, Gravelle, who joined the bank in 1996, has held the position of Deputy Managing Director of the Financial Stability Department and was an economist at the International Monetary Fund from 2002 to 2005, according to the press release.
“He has always been well regarded in the institution,” said Andrew Kelvin, chief Canada strategist at TD Securities. “He doesn’t bring the Bay Street experience that Lynn did but they also appointed a new special advisor who obviously would have contacts on the street, fairly extensively.”
Bay Street is the hub of Toronto’s financial district.
The Bank of Canada also announced on Thursday that Mark Hardisty, a capital markets veteran, will join the bank as special advisor to the governor for a two-year term beginning on Nov. 6.
Reporting by Fergal Smith; editing by Grant McCool