Bank of Canada Governor Gordon Thiessen has officially informed the Bank's Board of Directors and staff that he will retire at the end of his term, effective 31 January 2001.

Mr. Thiessen, who was appointed Governor effective 1 February 1994 for a seven-year term, had served as Senior Deputy Governor since 1987. He is retiring after 35 years of service with the Bank.

Mr. Thiessen indicated that he was making his plans known well in advance to facilitate planning for the selection and appointment of a new Governor. Governors of the Bank of Canada are appointed by the Directors with the approval of the Governor-in-Council (the federal Cabinet).