The Bank of Canada has appointed Toni Gravelle as its new deputy governor.
The central bank says that effective Oct. 1 Gravelle will replace Lynn Patterson, who retired over the summer.
Gravelle will join the governing council, which is the policy-making body for the bank and determines its strategic direction.
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For the last four years, Gravelle has been serving as managing director of the financial markets department at the Bank of Canada, which he first joined in 1996.
As deputy governor, he will help oversee the bank’s financial system activities.
Governor Stephen Poloz says in a statement that Gravelle’s deep knowledge of markets, proven leadership skills and innovative thinking will be invaluable for monetary policy and the bank’s efforts to promote financial stability.