MNI POLICY: BOC Gov. Poloz to Leave When Term Ends in June

--Board Says Replacement Will Be Found By Spring 2020

By Greg Quinn

     OTTAWA (MNI) - Bank of Canada Governor Stephen Poloz will step down when

his seven-year term ends in June, and the central bank will find a replacement

by next spring.

     Poloz informed the board of directors of his decision, according to a

statement from the Ottawa-based central bank posted on 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," Poloz said in the statement.

     The move comes at a time when investors are scaling back predictions that

one of his last acts as governor could be cutting the G7's highest interest rate

of 1.75%. The BOC this week kept the rate unchanged and said signs of a

stabilizing world economy and resilient domestic spending mean there is no

reason to match the Fed's three cuts. 

     The BOC's board of directors leads the search for a new candidate, and

their choice must be approved by the federal cabinet. The new governor would

start on June 3. 

     Potential replacements include Senior Deputy Governor Carolyn Wilkins,

former deputy and BlackRock research chief Jean Boivin, and Deputy Paul Beaudry.

     Most BOC Governors have served a single term, with the notable exception

being Graham Towers, who held the job for two decades after it was created

during the Great Depression.

--MNI Ottawa Bureau; +1 613-314-9647; email: greg.quinn@marketnews.com

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