NEWSMAKER-Bank of Canada's Poloz is outsider with financial savvy

Thu May 2, 2013 5:20pm EDT
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OTTAWA May 2 (Reuters) - Stephen Poloz, named on Thursday as the next Bank of Canada governor, is seen as an outsider with a solid financial background who will be well able to navigate Ottawa's politics and bureaucracy.

Poloz, 57, takes over as governor on June 3, replacing Mark Carney, who is leaving to head the Bank of England.

He was regarded by Canadian market players as the strongest external candidate to replace Carney because of his experience with monetary policy, forecasting and financial markets. But he was a surprise winner of the job, which most expected to go to Carney's deputy.

Poloz spent the last 14 years in senior roles at the country's export credit agency and an equal number of years at the central bank earlier in his career.

During his time at the central bank, Poloz headed the prestigious research department, which is responsible for all of the forecasting and analysis of the Canadian economy that the bank uses to shape policy.

After leaving the bank, he worked for five years as managing editor of The International BankCredit Analyst, a monthly global investment research publication.

In 1999, he joined the Export Development Corporation - a quasi-independent agency that provides loans to importers of Canadian goods - as chief economist and became the EDC president in 2010.

This is the third time in a row an outside candidate has been made Governor of the Bank of Canada in preference to the most senior internal policymaker.

Second-in-command Tiff Macklem was widely viewed as the favorite for the job, but was overlooked as were the last two officials in his position in 2008 and 2001.

Poloz, who is described as an engaging speaker, has a PhD in economics from the University of Western Ontario and did a stint at the International Monetary Fund as a visiting scholar.