Bank of Canada names new governor

  • The Bank of Canada on Thursday named long-term bureaucrat and economist Stephen Poloz as its new head.

    Poloz replaces Mark Carney who has left to run the Bank of England.

    Many expected Carney's senior deputy, Tiff Macklem, to succeed him.

    Poloz has previously held the position of chief executive of Canada's export credit agency.

    He has worked in Canada's public service for more than two decades.

    Poloz takes up his new post, which will run for seven years, next month.

    Unlike other major central banks, the Bank of Canada's six-member governing council makes decisions by consensus, hence avoiding being labelled as hard or soft on policy.

    Tagged as: Bank of Canada, Stephen Poloz, new head of Bank of Canada