The Bank of Canada said Deputy Governor Sylvain Leduc is leaving the central bank in late July.

Leduc is one of two deputy governors who oversee the central bank's analysis and activities to promote financial system stability.

Leduc joined the central bank in May 2016 from the Federal Reserve Bank of San Francisco, where he was vice president of microeconomic and macroeconomic research. He will return to San Francisco to resume working at the San Francisco Fed.

The Bank of Canada said its board will start the process of appointing a new deputy governor immediately.