The Board of Directors of the Bank of Canada today announced 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.

“I am delighted to welcome Rhys Mendes back to the Bank and onto Governing Council,” said Governor Tiff Macklem. “We will benefit greatly from his experience and expertise in economic modelling, monetary policy framework design, and international policy issues. In addition to his economic insights, Rhys brings seasoned leadership. I look forward to working with Rhys on the Governing Council to deliver on the Bank’s mandate in the service of Canadians.”

Since 2021, Mr. Mendes has been on secondment to the Department of Finance, where he was serving as Assistant Deputy Minister. Mr. Mendes joined the Bank in 2004. He held increasingly senior positions before being appointed Deputy Managing Director of the Canadian Economic Analysis Department in 2013, Managing Director of Economic and Financial Research in 2016, then Managing Director of the Bank of Canada’s International Economic Analysis Department in 2017.

Born in Richmond Hill, Ontario, Mr. Mendes obtained a BA in economics from York University, and an MA and PhD in economics from the University of Toronto.