There’s a special place in . . . San Francisco for the Bank of Canada’s deputy governor, who announced he will be leaving the central bank in late July.
Sylvain Leduc was appointed deputy governor of the BoC in May 2016, a period that spanned the central bank’s three 25 basis point interest rate rises that have taken the main policy setting to 1.25 per cent.
Mr Leduc will return to the US with his family and resume working at the Federal Reserve Bank of San Francisco, where he had been previously.
One of two deputy governors at the BoC, Mr Leduc was responsible for overseeing the central bank’s analysis and activities in promoting a safe and efficient financial system.
Stephen Poloz, BoC governor, said in a statement: “Sylvain has been a wonderful addition to Governing Council. We have benefited from his policy expertise and his strong sense of teamwork”.
The process to appoint a replacement deputy governor will begin immediately, the BoC said.