Stephen Poloz

Stephen S. Poloz (born 1955) is a Canadian banker and was the ninth governor of the Bank of Canada.[1] He is also a member of the board of directors for the Bank for International Settlements.[2]

Stephen Poloz
Poloz in July 2018
9th Governor of the Bank of Canada
In office
June 3, 2013 – June 3, 2020
Preceded byMark Carney
Succeeded byTiff Macklem
President and CEO of Export Development Canada
In office
2010–2013
Preceded byMark Carney
Personal details
Born1955 (age 67–68)
Oshawa, Ontario, Canada
SpouseValerie Poloz
Children2
Alma mater
Signature

Background

Poloz was born in Oshawa, the son of a mould maker. His father is of Ukrainian and Polish descent, and his mother is of English and Scottish ancestry, and a descendant of George Stephen, 1st Baron Mount Stephen.[3][4] Poloz holds a Bachelor of Arts degree in economics from Queen's University and Master of Arts and Doctor of Philosophy degrees in economics from the University of Western Ontario. He is also a graduate of Columbia University's senior executive program and is a Certified International Trade Professional.[5] His doctoral thesis was on currency movements.[6]

Education

Stephen Poloz received his bachelor's degree in 1978 from the Queen's University at Kingston, Canada. He majored in economics. He received his master's degree in economics in 1979 from the University of Western Ontario, and then a PhD in economics in 1982 from the same institution.

In 2017, Trent University Durham GTA awarded Poloz an honorary PhD degree.[7]

Career

From 1981 to 1994 Poloz worked for the Bank of Canada, before leaving as chief of the research department to become managing editor of BCA Research from 1994 to 1999. Poloz joined Export Development Canada in 1999 and became its president and CEO in 2010.[8] He has been a visiting scholar with the "Economic Planning Agency" in Tokyo and at the International Monetary Fund in Washington, DC.[5]

Poloz attended the 62nd Bilderberg Annual Conference in Copenhagen, Denmark, in 2014, where one of the subjects discussed was the situation in Ukraine.[9]

Poloz holds an honorary Certified International Trade Professional (CITP) designation from the Forum for International Trade Training.[10] He is a past president of the Ottawa Economics Association.[11]

Governor of the Bank of Canada

In 2013, Poloz was appointed as the Governor of the Bank of Canada on a seven-year term.

In January 2015, Poloz cut the Bank of Canada's key interest rate from 1 percent to 0.75 percent in response to a stark decline in oil prices.[12] In July of that year, he cut the Bank's interest rate again to 0.5 percent.[13] In July 2017, Poloz raised the Bank's key interest rate to 0.75 percent, the first interest rate increase in Canada in seven years.[14] This marked the start of a series of five rate hikes in total; by October 2018, the Bank's key interest rate was at 1.75 percent.[15] Throughout March 2020, Poloz reduced the Bank's interest rate from 1.75 percent to 0.25 percent in response to the economic downturn from the COVID-19 pandemic and a stark decline in oil prices.[16]

In December 2019, the Bank of Canada announced Poloz would not seek a second term.[12] His term as Governor expired in June 2020.

Post-governorship

After his term as governor, Poloz joined the board of directors of Enbridge. On August 1, 2020, Poloz joined the Toronto based law firm Osler, Hoskin & Harcourt as a special advisor to the firm.[17] On July 1, 2022, Poloz joined the board of governors of Western University.[18]

Personal life

Poloz is married to Valerie Poloz and they have two children.[19]

References
  1. Stephen Poloz appointed Governor of Bank of Canada, Bank of Canada press releases, May 2, 2013.
  2. "Board of Directors". Bis.org. December 1, 2015. Retrieved June 23, 2017.
  3. Dark clouds to greet Stephen Poloz's first day at his dream job (personal details about Stephen Poloz), Globe and Mail, May 4, 2013.
  4. "Evening with Bank of Canada Governor Stephen Poloz". December 12, 2016.
  5. Poloz biography, Parliament of Canada website; accessed June 9, 2017.
  6. Canada's new central-bank governor: After Carney, Economist.com, May 11, 2013.
  7. Stephen Poloz profile, bloomberg.com. Accessed November 5, 2022.
  8. Bujalska, Monika (December 1, 2010). "Appointment of New President and Chief Executive Officer of Export Development Canada". canada.ca (Press release). Government of Canada.
  9. Poloz profile, bilderbergmeetings.org; accessed June 9, 2017.
  10. "QBC Ottawa featuring Stephen Poloz". smith.queensu.ca. Retrieved April 5, 2016.
  11. "Stephen S. Poloz". www.bankofcanada.ca. Retrieved June 23, 2017.
  12. Wong, Craig (December 6, 2019). "Bank of Canada says Poloz will not seek a second term as governor". Canadian Business. Retrieved December 8, 2019.
  13. Whittington, Les (July 15, 2015). "Bank of Canada cuts key interest rate, dollar plunges to lowest since 2009". Toronto Star. Retrieved December 26, 2022.
  14. "Bank of Canada raises interest rate for 1st time in 7 years to 0.75%". CBC News.
  15. Evans, Peter (October 24, 2018). "Bank of Canada raises interest rate to 1.75%". CBC News. Retrieved December 26, 2022.
  16. "Bank of Canada slashes key interest rate to 0.25%". Global News. March 27, 2020. Retrieved December 26, 2022.
  17. "Stephen Poloz joins Osler as Special Advisor", Osler news release, June 17, 2020.
  18. "Board of Governors". uwo.ca. Retrieved November 17, 2022.
  19. McMahon, Tamsin (May 2, 2013). "10 things you should know about the new Bank of Canada governor". Maclean's.
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