The Bank of Canada has announced that John Murray, deputy governor of the bank, is set to retire on 30 April 2014.

Murray joined the bank in 1980, and was appointed to the role of Deputy Governor in January 2008, where he is responsible for managing analysis of domestic and international economic developments.

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He also oversees the conduct of monetary policy, together with his colleagues on the bank’s Governing Council.

Recently, Murray has chaired both the OECD’s Working Party 3 and the International Journal of Central Banking.

The Bank of Canada governor Stephen Poloz said Murray has provided unwavering, top-notch intellectual leadership to the Bank and its staff for more than 30 years.

"His work has had a significant impact on central banking, not only in Canada but at the global level, as his colleagues around the world will readily attest," Poloz added.

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The bank will begin the process to appoint a new deputy governor in early 2014.