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The Bank of Canada says that governor Stephen Poloz will not seek a second term as governor when his seven-year term expires on June 2, 2020.

The board of directors of the central bank says it has begun a search process to select his replacement.

Before becoming head of Canada’s central bank in 2013, Poloz was chief executive of Export Development Canada. He replaced Mark Carney, who left the Bank of Canada to become

governor of the Bank of England.

Poloz is 64 years old.

— More to come

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