Today, the Bank of Canada announced that Deputy Governor Charles (Chuck) Freedman will retire from the Bank effective 5 September 2003.

Mr. Freedman joined the Bank in 1974. He was appointed Adviser to the Governor in 1984 and Deputy Governor in 1988.

Mr. Freedman focuses on matters related to monetary policy, financial institutions, and clearing and settlement systems. As a member of the Governing Council, he shares responsibility for formulating and implementing monetary policy and for dealing with broad organizational and strategic issues at the Bank.

The Bank's Board of Directors will undertake a selection process to replace Mr. Freedman.