Scotiabank Notes Two Top Bank of Canada Officials Are Leaving

10:07 AM EDT, 03/24/2026 (MT Newswires) -- It's unusual for the Bank of Canada to lose two deputy governors on the same day, not to mention at a possible policy inflection point and in a five-year review year for its mandate, said Scotiabank.

However, that is what happened with Monday's announcement for Sharon Kozicki and Rhys Mendes. Kozicki was nearing retirement age, Mendes wasn't and there was no mention of pursuing another opportunity, noted the bank.

Maybe markets learn more, but for now, the BoC's Governing Council becomes rather thin in short order as Mendes leaves on April 10, while it's July 15th for Kozicki, stated Scotiabank. There are only two permanent qualified economists on the Governing Council.

The BoC's stated intention to fill the positions with a narrowed pool of only internal candidates seems unusual, as Canada's central bank usually casts a wider net and may indicate that either the decisions happened fast or the BoC's budget cuts imposed by the federal government are working their way through the rank and file, pointed out Scotiabank.

The BoC deputy governor's pay might be a factor in limiting the pool to internal candidates as well.

As to what the views of the departing deputy governors on the Governing Council were, the bank said that Kozicki is tagged on the street as a dove, yet her speech at the start of this month didn't sound so dovish to Scotiabank.

For now, the bank is sticking to BoC hikes commencing in Q3 with openness toward Q2 pending further developments within a highly fluid situation.

Mendes, however, is gone before the next decision on April 29 and his views were generally more difficult to read, accoridng to Scotiabank. His last speech touched on the five-year review and indicated yet more core inflation readings may be offered.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.