Bank of Canada said that the bank's deputy governor Paul Beaudry will leave his position at the central bank at the end of July.

Also according to a press release, Beaudry will return to his academic position at the University of British Columbia.

Beaudry is one of four deputy governors who are members of the board of directors alongside Governor Tiff Macklem and Deputy Governor Carolyn Rogers.

Beaudry became deputy governor in February 2019 and oversaw the central bank's analysis of international economic developments to support monetary policy decisions.

Before joining the Bank of Canada, Beaudry was a professor of economics at the Vancouver School of Economics at the University of British Columbia.

For its part, the central bank said it will soon start an internal recruitment process for the position of deputy governor instead of Beaudry.