BUSINESS
12/06/2019 10:58 EST

Stephen Poloz Won't Seek 2nd Term As Bank Of Canada Governor

Traditionally, Canada's central bank governors serve one seven-year term.

Blair Gable / Reuters
Bank of Canada governor Stephen Poloz speaks at a press conference in Ottawa, Oct. 30, 2019.

OTTAWA ― The Bank of Canada says governor Stephen Poloz will not seek a second term as governor when his seven-year term expires next year.

Poloz, 64, said the role of Bank of Canada governor has been his dream job.

“My time as Governor has been the most fulfilling of my long career,” he said in a statement Friday.

“During my term, the bank has created the conditions for steady economic growth, low unemployment, and inflation close to target through very challenging times.”

Watch: ‘Haphazard’ trade war is Stephen Poloz’ biggest concern. Story continues below.

 

Before becoming head of Canada’s central bank in 2013, Poloz was chief executive of Export Development Canada. He replaced Mark Carney, who left the Bank of Canada to become governor of the Bank of England.

Poloz’s term expires on June 2, 2020.

The board of directors of the central bank said it has begun a search process to select his replacement.

The Bank of Canada expects to complete the recruitment process by the spring of next year and subject to approval by the federal finance minister and cabinet have Poloz’s replacement in place for June 3, 2020.

The search for a new governor of the Bank of Canada comes at an interesting time for the central bank.

The bank kept its key interest rate on hold at 1.75 per cent when it made its rate announcement earlier this week, but many economists have suggested it may be looking to cut its key interest rate early next year.

The Bank of Canada has kept its overnight rate target on hold for more than a year due to what it has said has been the resilience in the Canadian economy.

In doing so, the central bank has stood out from many of its international peers who have moved to loosen monetary policy and cut interest rates in response to worries about a weakening global economy.