The Bank of Canada wording on a Canadian $50 bill is pictured in Ottawa on Jan. 11, 2023.Sean Kilpatrick/The Canadian Press
The Bank of Canada has appointed Rhys Mendes as deputy governor, filling out the governing council with a long-time central banker.
Mr. Mendes joined the bank in 2004 and has served in a number of senior roles, including managing director of the bank’s economic and financial research team and its international economic analysis department. For the past two years, he’s been on secondment at the Department of Finance, serving as assistant deputy minister.
Mr. Mendes will join the six-person governing council in July, where he will help steer Canadian monetary policy and set interest rates. He’ll also oversee the bank’s economic and financial research and its international analysis, while acting as Governor Tiff Macklem’s deputy for G7 and G20 meetings.
“I am delighted to welcome Rhys Mendes back to the Bank and onto Governing Council,” Mr. Macklem said in a news release.
“We will benefit greatly from his experience and expertise in economic modelling, monetary policy framework design, and international policy issues. In addition to his economic insights, Rhys brings seasoned leadership.”
Mr. Mendes will replace Paul Beaudry, who is returning to his academic job at the University of British Columbia in July after four years at the bank.
The governing council has seen significant turnover in the past year. Three deputy governors have left, or announced their departure, since last summer. Once Mr. Beaudry departs, Toni Gravelle will be the only deputy governor left on the council from before Mr. Macklem’s appointment in the summer of 2020.
Mr. Mendes was born in Richmond Hill, Ontario and obtained a bachelor’s degree in economics from York University, and masters and PhD degrees in economics from the University of Toronto.