Bank of Canada
After announcing in December that he planned to step down as Bank of Canada governor, Stephen Poloz had a busy final few months before leaving the job in early June. The BoC grabbed headlines in March by lowering its policy rate three times during the course of the month to combat the effects of COVID-19, eventually bringing it down to just 0.25%. The central bank has also taken measures to improve the market function so monetary policy actions have their intended effect, including a quantitative easing plan with an estimated price tag of around $200 billion.
When announcing his departure from the BoC, Poloz called his tenure as governor “the most fulfilling of my long career. During my term, the bank has created the conditions for steady economic growth, low unemployment and inflation close to target through very challenging times. The role of governor of the Bank of Canada has been my dream job – I will leave it with gratitude and great pride.”