The appointment of Pierre Duguay as Deputy Governor and member of the Governing Council of the Bank of Canada was announced today on behalf of the Bank's Board of Directors.

A native of Verdun, Quebec, Mr. Duguay has been an Adviser since 1992, with responsibility for the analysis of the national economy, financial developments, and monetary policy. Prior to that he served successively as Chief of the Department of Monetary and Financial Analysis and of the Research Department. He joined the Bank as an economist in 1973. He graduated from the Université du Québec in Montreal and holds a Master's Degree in Economics from the Université de Montréal.

As a member of the Governing Council, Mr. Duguay will share in the collective responsibility of the council for the Bank's affairs, including the formulation and implementation of monetary policy. Other members of the council are the Governor, Gordon Thiessen; Senior Deputy Governor, Malcolm Knight; and Deputy Governors, Charles Freedman, Paul Jenkins, Tim Noël, and Sheryl Kennedy.

Mr. Duguay's appointment is effective 3 January 2000.