Wilkins' term as senior deputy governor ends next May and the bank's board of directors will launch a search to select her successor.

Canada's central bank faces a leadership transition in the middle of the national health emergency.

"The global development that concerns me the most, though, is rising debt," Carolyn Wilkins said.

According a new Bank of Canada report, the effects of the gig economy have reduced pressure on employers to maintain regular and sufficient wage increases.

A top Bank of Canada official says the lingering effects of the 2014 oil-price crash should take some of the blame for the country's disappointing wage gains - but she argues it's just one of many reasons.

Carolyn Wilkins acknowledged it's difficult for the central bank to estimate the "highly uncertain" economic fallout from tit-for-tat tariffs between Canada and the U.S., and the resulting blow to business confidence.

The access and control of user data could enable companies to weaken healthy competition, Senior deputy governor Carolyn Wilkins said.

The loonie shot up following fresh signals from the Bank of Canada that it is giving more thought to raising interest rates, while Toronto's main stock index continued its second day of declines.

Carolyn Wilkins said the gains are something Canada hasn't seen since before the oil-price collapse nearly three years ago.

The loonie continued to surge Wednesday holding its strongest level in nine months and the result could be good news for consumers.