The Board of Directors of the Bank of Canada (BoC) announced on Friday the appointment of Rhys R. Mendes as Deputy Governor, effective July 17, 2023. 

“As Deputy Governor, Mr. Mendes will join the Bank’s Governing Council, which sets the strategic direction of the Bank and is its policy-making body. He will oversee the Bank’s economic and financial research, its analysis of international economic developments, and he will serve as the Bank’s G7 and G20 Deputy”, the BoC said in a statement. 

The Governing Council makes the final decision regarding monetary policy.