The Bank of Canada has named Carolyn Rogers as its new senior deputy governor.

Rogers is a former assistant superintendent at the Office of the Superintendent of Financial Institutions, which regulates the banks in Canada.

She has spent the past two years as secretary general at an international regulatory body overseen by the world鈥檚 central bankers, known as the Basel Committee on Banking Supervision.

Rogers succeeds Carolyn Wilkins as the Bank of Canada鈥檚 second-in-command and will begin her seven-year term on Dec. 15.

In a statement, Bank of Canada governor Tiff Macklem says her domestic and international experience will bring a diverse perspective to the central bank.

Finance Minister Chrystia Freeland says in a statement that Rogers鈥� experience should help the country navigate the end of the pandemic and an economic recovery.

The central bank has been on the hunt for a senior deputy governor since late last year when Wilkins announced she was leaving the Bank of Canada before the end of her seven-year term.

In May, Macklem was asked about the hiring process and said it was 鈥渨ell underway鈥� and that nobody was looking forward to having someone in the senior deputy role more than him.

At the time, he also noted that the bank鈥檚 governing council, which makes decisions on critical bank policies like the key policy rate, was not as diverse as it should be.

CIBC senior economist Royce Mendes said the appointment of Rogers is unlikely to change the overall trajectory of Canadian monetary policy.

He also noted that her expertise in Canadian and global financial systems will complement Macklem鈥檚 macroeconomic and monetary policy background.

The Canadian Press

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