Bank of Canada (BoC) Governor Stephen Poloz won’t seek a second term in June 2020, meaning that he will leave the central bank in several months. He announced the BoC’s board of directors and Finance Minister Bill Morneau about his decision.
Poloz said in a statement:
“It has been a
privilege to serve as the ninth Governor of the Bank of Canada.”
He became Governor of the BoC in 2013, ruling the monetary policy of an export-oriented economy. Canada is heavily relying on oil exports and trade. Poloz called his time at the BoC as “the most fulfilling of my long career.”
Interestingly, the Canadian central bank is resisting the pressure to implement easing measures, while its counterparts, including the US Fed and the European Central Banks, are gradually shifting to lower rates. Poloz will leave the BoC with its 1.75% interest rate, which is among the highest figure among developed countries.
He was one of the few central bankers who decided to raise the interest rates in 2017 and 2018, as the Canadian economy started to recover. The BoC hasn’t rushed to slash the rate despite the ongoing Sino-US trade conflict.
Poloz might be followed by BoC’s senior deputy governor Carolyn Wilkins, who might become the first woman to take the role. Other strong contenders are Jean Boivin, head of BlackRock’s research unit, Tiff Macklem, dean of the University of Toronto’s Rotman School of Management, and BoC executive Paul Beaudry.