Bank of Canada Appoints New Deputy Governor

The Bank of Canada has appointed Toni Gravelle as its new deputy governor.

The central bank said that, effective October 1, Gravelle will replace Lynn Patterson, who retired from her post as deputy governor during the summer. Gravelle will join the central bank’s governing council, which is the policy-making body for the Bank of Canada and determines its strategic direction.

Since May 2015, Gravelle has worked as managing director of the financial markets department at the Bank of Canada, which he first joined in 1996. As deputy governor, Gravelle will oversee the central bank's financial system activities.

In addition to stints at the Bank of Canada, Gravelle has also worked in the Government of Canada’s Department of Finance and was an economist at the International Monetary Fund (IMF) from 2002 to 2005, participating in the financial system stability assessments of France and Senegal and contributing to the IMF’s semi-annual Global Financial Stability Report. Originally from North Bay, Ontario, Gravelle has a Ph.D. in Economics from Western University.

Bank of Canada Governor Stephen Poloz said in a written statement that Gravelle's knowledge of markets, leadership skills and innovative thinking will help monetary policy and the bank's efforts to promote financial stability.