The Board of Directors of the Bank for International Settlements (BIS), based in Switzerland, announced today the appointment of Malcolm Knight as the new General Manager of the BIS, beginning in April 2003. 1 Mr. Knight has been Senior Deputy Governor of the Bank of Canada since 1999, following a career with the International Monetary Fund in Washington.

Bank of Canada Governor David Dodge said, "The Bank of Canada is very sorry to lose Mr. Knight, whose excellent leadership as Senior Deputy Governor has been important to the Bank's success over the past several years. However, the Bank is very proud that Malcolm's abilities and expertise have been recognized by the international community of central banks. We wish him well as he assumes the leadership of the BIS, an institution that is such an important forum for co-operation among central banks."

The Board of Directors of the Bank of Canada is immediately forming a selection committee to search for a replacement for Mr. Knight. The Board's appointment of a new Senior Deputy Governor is subject to Order-in-Council approval.