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Now that stephen poloz has announced he will step down as bank of canada governor after his seven year term ends in june 2020 attention turns to the possible candidates who might replace him.
Bank of canada governor. He is the current chair of the bis audit committee and former chair of the consultative council for the americas. The bank of canada today announced a new student competitionthe governors challengewhere teams simulate the role of monetary policy advisor to the banks governing council. The role of governor of the bank of canada has been my dream job i will leave it next june with gratitude and great pride he said. The bank of canada 2008 balance sheet expanded to 783 billion from 537 billion from the previous year an increase of roughly 50 as the bank created new money to fund emergency loans to canadas major banks by purchasing their assets on a temporary basis.
The bank of canada act 1985 s. 61 provides that the governor and deputy governor shall be appointed by the directors with the approval of the governor in council. Canadas new central bank governor tiff macklem may be seen by market watchers as an outsider but the montrealer is no stranger to the institution and brings with him a background that could. Newly appointed bank of canada governor tiff macklem projected a halting economic recovery during an exclusive interview conducted before he was named suggesting he will continue the central bank.
A look back at the bank of canadas past governors the bank of canada has been led by a diverse group of men one gender noted through war and peace market exuberance and meltdowns. He assumed office on june 3 2013 and is a former head of export development canada. Macklem was the senior deputy governor at the bank of canada under former governor mark carney and considered a top candidate to become governor in 2013 but was passed over when poloz was appointed. Poloz was appointed governor of the bank of canada effective 3 june 2013 for a term of seven years.
As governor he is also chairman of the board of directors of the bank and a member of the board of directors of the bank for international settlements bis.
