Flaherty Says Bank of Canada Process Drawing to a Close

Canadian Finance Minister Jim Flaherty said the process of finding a replacement for Bank of Canada Governor Mark Carney is drawing to a close.

“I said that we’re aiming at about the end of April, and we’re about at the end of April, and the process is drawing to a close,” Flaherty told reporters in Ottawa. He declined to say if an announcement is coming tomorrow and didn’t mention any candidates by name.

Economists in a Bloomberg survey after Carney announced his departure named Senior Deputy Governor Tiff Macklem as the most likely replacement. The second-most likely candidate is Export Development Canada Chief Executive Officer Stephen Poloz, JPMorgan Chase & Co. said in a March 19 report. The Globe and Mail newspaper said Stanford University finance professor Darrell Duffie is also a candidate.

“We aren’t quite at the end of the process, but we’re near the end of the process,” Flaherty said. “So it won’t be too long.”

Carney on Nov. 26 made the surprise announcement he would leave on June 1 to take a job at the Bank of England a month later.

Canada’s currency held earlier gains against its U.S. counterpart, adding 0.5 percent to C$1.0115 at 4:08 p.m. in Toronto. One Canadian dollar buys 98.86 U.S. cents.

To contact the reporters on this story: Theophilos Argitis in Ottawa at targitis@bloomberg.net; Greg Quinn in Ottawa at gquinn1@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net

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