Bank of Canada Governor Tiff Macklem arrives for a news conference in Ottawa, Ontario, Canada March 3, 2022. REUTERS/Blair Gable

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April 1 (Reuters) – The watchdog the Basel Committee on Banking Supervision (BCBS) said on Friday it has appointed Tiff Macklem as chairman, effective immediately.

The BCBS is made up of 45 members, including central banks and banking supervisors, responsible for strengthening the regulation, supervision and policies of banks around the world.

Macklem, currently governor of the Bank of Canada, will serve in the post for a three-year term, the Group of Governors and Chief Oversighters (GHOS) said.

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The appointment comes at a time when several of the world’s major central banks are seeking to raise interest rates and withdraw COVID-19 pandemic-era stimulus amid rapidly rising inflation.

Macklem succeeds French central bank chief François Villeroy de Galhau, who had held the post since November 2019.

Earlier this year, the Bank for International Settlements (BIS) appointed Villeroy as chairman of its board for a three-year term until 2025.

The BIS, which hosts the BCBS, is dubbed the central bank of the world’s central banks, as it handles some of their transactions and holds regular closed-door meetings for key monetary policymakers to discuss the global economy.

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Reporting by Manya Saini in Bangalore; Editing by Krishna Chandra Eluri

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