Finance Minister Bill Morneau is naming Tiff Macklem to take the helm of the Bank of Canada, as the central bank copes with the economic impacts of the novel coronavirus pandemic.
The dean of the business school at the University of Toronto is a former senior deputy governor of the bank. The bank controls the country’s money supply, trying to support economic growth and stability while keeping inflation low.Its governor’s statements about the economy and the financial system set trends and move markets. [ Sign up for our Health IQ newsletter for the latest coronavirus updates ] Current governor Stephen Poloz’s seven-year term is expiring in June. — More to come