The Bank of Canada (BoC) has recently announced the appointment of Toni Gravelle as its new deputy governor.

Gravelle’s appointment, effective Oct. 1, fills the vacancy created by the retirement of Lynn Patterson in July.

As deputy governor, Gravelle will join BoC’s Governing Council, the bank’s policy-making body that sets its strategic direction. Gravelle will share responsibility for overseeing the bank’s financial system activities with Deputy Governor Paul Beaudry.

“We are delighted to welcome Toni Gravelle to Governing Council. He is a versatile, thoughtful and experienced leader who is already well-known in Canada’s financial markets,” said BoC Governor Stephen Poloz. “His deep knowledge of markets, proven leadership skills and capacity for innovative thinking will make an invaluable contribution to our conduct of monetary policy and promotion of financial stability.”

Since May 2015, Gravelle has been the managing director of BoC’s financial markets department. He has been leading the execution of the bank’s financial market activities as they relate to monetary policy implementation and financial system liquidity, as well as overseeing domestic debt and foreign reserve operations on behalf of the government of Canada.

Gravelle joined BoC in 1996 and has held various positions since then, including deputy managing director of the financial stability department. He was an economist at the International Monetary Fund from 2002 to 2005 and was seconded to the Department of Finance Canada from 2013 to 2015, where he was the general director of the financial sector policy branch.

Gravelle was born in North Bay, Ontario, and holds a bachelor’s degree and a PhD in Economics from Western University.

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