Bank of Canada Governor Stephen Poloz is going to step down when his current mandate expires in June 2020, Canada’s central bank has announced.
In a statement, the Bank of Canada’s Board of Directors said Poloz, who is in the final year of a seven-year term, would not seek a reappointment and that a search process to select Canada’s next central bank governor will now begin. Poloz’s term expires on June 2.
"It has been a privilege to serve as the ninth Governor of the Bank of Canada," Poloz said in a statement posted to the central bank’s website. He called his time at the bank, which began in 2013, "the most fulfilling of my long career."
Despite recent interest rate increases, borrowing costs in Canada have been kept historically lower during his term. That helped to keep the Canadian economy afloat long enough to oversee one of the fastest increases in jobs in the nation’s history.
However, Poloz’s efforts to return the Canadian economy to full health – where it’s not reliant on low interest rates, housing and debt – fell short as Canada grappled with the lingering effects of the last recession and problems such as a global collapse in commodity prices and the impacts of ongoing global trade tensions.
