Former Bank of Canada governor dead at age 83

Gerald Bouey, governor of the Bank of Canada from 1973 to 1987, has died at age 83.

Bouey died in Ottawa on Friday, survived by his wife and two children. “I and many Canadians will remember Gerry as a consummate governor, a man of enormous intellect and integrity, who worked tirelessly to ensure the bank achieved the highest standards of public policy,” the current governor, David Dodge, said in a news release.

“But we will remember him also for his warmth, his sense of humour and his generous nature.”

Bouey is probably most widely remembered for cranking up interest rates to record levels to squelch inflation in 1981.

Despite the dramatic rise in interest rates, inflation remained a problem and topped 10% in 1987, the year of his retirement.