Bank of Canada names new deputy governor, 'temporarily' expanding governing council

Photo: The Canadian Press

The Bank of Canada is naming a long-time central banker as a new deputy governor beginning early next month.

The bank says Sharon Kozicki will take on the role on Aug. 2 after serving eight years as an advisor to former governor Stephen Poloz and current governor Tiff Macklem.

She also worked on the bank's monetary policy framework in 2016 when the Bank of Canada renewed its inflation-targeting agreement with the federal government, which will be renewed again later this year.

In a statement, Macklem says Kozocki will make an important contribution to deliberations by the bank's governing council and ensure the Bank of Canada takes "decisions based on diverse perspectives."

Her appointment brings the size of the bank's governing council back up to a full complement of six members, and is also the second hire in as many weeks after the bank named Carolyn Rogers as the new second-in-command starting in mid-December.

Once Rogers comes on the board, the central bank says in a statement that governing council "will temporarily consist of seven people," which it adds will allow for "smooth succession in the event of future retirements."