The Bank of Canada said that deputy governor David Longworth will retire at the end of March next year, the second senior executive at the central bank to announce their departure in a month.

Longworth joined the Bank of Canada in 1974 and was appointed deputy governor in 2003, responsible for the financial system and financial markets.

His departure follows an announcement on October 29 that Paul Jenkins, senior deputy governor of the Bank of Canada, is stepping down when his term expires next April.

Jenkins has worked for the central bank for 37 years.

The central bank said the appointment of a new deputy governor to replace Longworth will follow the appointment of a new senior deputy governor.