The Canadian government has picked Stephen Poloz, a former Bank of Canada economist as the new governor of the central bank, replacing Mark Carney.
Poloz, 57, will assume office on June 3 and begin a seven-year term. He currently serves as the President and Chief Executive Officer of Export Development Canada, the country's export financing body.
A surprise pick by Finance Minister Jim Flaherty, Poloz overrode central bank's senior deputy governor Tiff Macklem, who was seen by analysts as the most likely candidate for the post.
Current governor Carney will step down on June 1, to take charge as the governor of the Bank of England.
"Stephen Poloz has a long and distinguished career in the public and private sectors with 30 years experience in financial markets, forecasting and economic policy," Flaherty said in a statement. "I am confident he has the skills and experience required to lead the Bank of Canada at a time of global economic uncertainty."
Prior to joining EDC, Poloz spent five years with Montreal-based BCA Research, and 14 years with the Bank of Canada in various capacities. He holds an M.A. and Ph.D. in economics from the University of Western Ontario, and a B.A. in economics from Queen's University.
The Bank of Canada has kept its key rate on hold at 1 percent since 2010. Earlier, the bank had signaled that it may hike the rate eventually.
Talking to reporters, Poloz lauded the central bank's flexible inflation targeting policy and said the economy is in a recovery mode. He indicated that the recovery was not as strong as expected and needed support.
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