Malcolm Knight The Board of Directors of the Bank of Canada announced today that, pursuant to Section 6 of the Bank of Canada Act, Malcolm Knight has been appointed Senior Deputy Governor of the Bank for a seven-year term, effective 5 July 1999.

The former Senior Deputy Governor, Bernard Bonin, retired on 21 May 1999. The Board of Directors would like to take this opportunity to thank Mr. Bonin for his important contributions since joining the Bank in 1988 and particularly for the role he has played in restructuring the Bank and in making it a more transparent institution.

Mr. Knight brings to the Bank broad international experience in both research and economic policy implementation. After joining the International Monetary Fund's (IMF) Research Department in 1975, he served as an economist in the financial studies division and then as Chief of external adjustment issues and as Assistant Director for developing country studies. Since moving to the operational departments of the IMF in 1992, Mr. Knight has served, successively, as Deputy Director for the Middle East Department, for the Monetary and Exchange Affairs Department, and, currently, for the European I Department.

Mr. Knight was born in Windsor, Ontario and grew up in nearby Amherstburg. He earned his honours bachelor's degree in economics and political science from the University of Toronto and his master's and PhD degrees in economics from the London School of Economics and Political Science, the latter in 1972.

Before joining the IMF, Mr. Knight served on the economics faculties of the University of Toronto and the London School of Economics and Political Science. While at the IMF, he also worked for many years as an adjunct professor at the Canadian Centre of the Johns Hopkins University School of Advanced International Studies and was an adjunct professor at the Virginia Polytechnic and State University. During 1985-86, Mr. Knight was an academic visitor at the Centre for Labour Economics, London School of Economics and Political Science, and during 1987-97 he served on the Editorial Board of the IMF Staff Papers. He has published widely in the areas of macroeconomics, international finance, and banking.

Mr. Knight and his wife Amy have three daughters.