April 1, 2020 / 7:12 PM / 2 months ago

Bank of Canada governor will retire in June as planned: finance minister

FILE PHOTO: Bank of Canada Governor Stephen Poloz reacts as he speaks to reporters after announcing the latest rate decision in Ottawa, Ontario, Canada January 22, 2020. REUTERS/Blair Gable/File Photo

OTTAWA (Reuters) - Bank of Canada Governor Stephen Poloz is stepping down as planned in June, Finance Minister Bill Morneau said on Wednesday, ending speculation that the bank chief might stay on to help fight economic damage from coronavirus outbreak.

Poloz, 64, is due to retire on June 3 at the end of his seven-year stint as head of the central bank.

“I know he will be at the end of his term in June. We will find the next governor and that is important in a situation like this,” Morneau said when asked whether Poloz would step down on schedule. “I am sure we have some very good choices.”

A senior government official and market players had said on Tuesday that keeping Poloz in his post beyond June would help underpin market confidence.

A leading candidate for the top job is Senior Deputy Governor Carolyn Wilkins, who Poloz praised last month for her extensive experience during the 2008-2009 financial crisis.

Others in the running are Tiff Macklem, a former senior Bank of Canada deputy governor, and former Deputy Governor Jean Boivin, now head of BlackRock Investment Institute.

Reporting by David Ljunggren; Editing by Chizu Nomiyama and David Gregorio

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