Canadian central bank, the Bank of Canada has appointed Carolyn Wilkins as its senior deputy governor on Friday.

The bank has said that it is promoting an insider with experience with financial markets.

The senior banker also has credibility as the second in command at the central bank. Wilkins has been working for more than a decade with the bank and has been working as the adviser to the governor.

Wilkins will now begin his seven year term as the senior deputy governor at the bank on 2 May, 2014. She will replace Tiff Macklem, who is leaving to become dean of a business school in Toronto. She will become the first woman to hold the position at the educational institution.

Bank of Canada Governor Stephen Poloz described Wilkins as a "jack of all trades" and said that she has all the qualifications required in an ideal candidate. He also said that she has experience in economic research, forecasting and project management.

"Having that awareness and direct hands-on interaction with players I think is a positive thing. That diversification of experience and abilities is important to us," said poloz.