Stephen Poloz
Stephen Poloz | |
|---|---|
| Born | Template:Birth year and age Oshawa, Ontario, Canada |
| Occupation(s) | Financial executive, economist |
| Years active | 1981–present |
| Known for | Governor of the Bank of Canada (2013–2020) |
Stephen Shawn Poloz (born 1955) is a Canadian financial executive who held the position of the ninth governor of the Bank of Canada from 2013 until 2020. Additionally, he serves on the board of directors for the Bank for International Settlements.
Background
Born in Oshawa, Poloz is the son of a mould maker with Ukrainian and Polish roots, and a mother whose lineage includes English and Scottish heritage tracing back to George Stephen, 1st Baron Mount Stephen. He earned a Bachelor of Arts degree in economics from Queen's University, followed by both a Master of Arts and a Doctorate in economics from the University of Western Ontario. Poloz completed Columbia University's senior executive program and holds a Certified International Trade Professional credential. His doctoral research concentrated on exchange rate fluctuations.
Education
Stephen Poloz graduated with a bachelor's degree in economics from Queen's University at Kingston in 1978. He pursued graduate studies at the University of Western Ontario, obtaining his master's degree in 1979 and his PhD in 1982, both in economics. In recognition of his achievements, Trent University Durham GTA conferred upon him an honorary doctorate in 2017.
Career
Between 1981 and 1994, Poloz was employed at the Bank of Canada, concluding his tenure as head of the research department. He then took on the role of managing editor at BCA Research from 1994 to 1999 before joining Export Development Canada in 1999, where he was appointed president and CEO in 2010. His career also includes appointments as a visiting scholar with Japan's Economic Planning Agency as well as the International Monetary Fund.
In 2014, Poloz participated in the Bilderberg Annual Conference held in Copenhagen, where topics such as global economic conditions and issues related to Ukraine were discussed. He possesses an honorary Certified International Trade Professional (CITP) designation and previously served as president of the Ottawa Economics Association.
Governor of the Bank of Canada
Poloz was named Governor of the Bank of Canada in 2013 for a seven-year term, during which he oversaw significant monetary policy adjustments amid economic turbulence. Facing falling oil prices, he lowered the key interest rate twice in 2015—initially from 1% to 0.75% in January, followed by a reduction to 0.5% in July. In July 2017, he implemented the first interest rate increase in seven years, raising it to 0.75%. This marked the start of subsequent rate hikes that reached 1.75% by October 2018.
Amid the economic downturn caused by the COVID-19 pandemic, Poloz swiftly cut interest rates from 1.75% down to 0.25% in March 2020 to provide economic support. It was announced in December 2019 that he would not pursue a second term; his governorship concluded in June 2020.
Post-governorship
Following his tenure as governor, Poloz joined the board of directors at Enbridge. On August 1, 2020, he accepted a position as special advisor with Toronto-based law firm Osler, Hoskin & Harcourt. Later, on July 1, 2022, he became a member of the board of governors at Western University. In 2024, he was honored with an appointment to the Order of Canada.
Personal life
Poloz is married to Valerie Poloz, and together they have two children. The family resides in Orleans, Ontario.
- Stephen Poloz biography, BankofCanada.ca; retrieved June 9, 2017.