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The Bank of Canada says deputy governor Paul Beaudry will be leaving his position at the central bank at the end of July.

According to a news release, Beaudry will return to his academic position at the University of British Columbia.

Beaudry is one of four deputy governors who are on the governing council along with governor Tiff Macklem and senior deputy governor Carolyn Rogers.

The governing council is responsible for the central bank’s monetary policy, including setting its key interest rate.

Beaudry became a deputy governor in February 2019 and has been overseeing the central bank’s analysis of international economic developments in support of monetary policy decisions.

Prior to joining the Bank of Canada, Beaudry was an economics professor at UBC’s Vancouver School of Economics.

The central bank says it will soon begin an internal recruitment process for the deputy governor position.