Bloomberg News

Canada Said to Name Carney Central Bank Replacement Today

May 02, 2013

Finance Minister Jim Flaherty may name a replacement for Bank of Canada Governor Mark Carney as early as today, according to a person familiar with the plans.

The announcement would be made at about 4 p.m. in Ottawa, said the person who asked not to be identified because the plans aren’t public.

Prime Minister Stephen Harper’s cabinet must approve the choice of governor, which is chosen from a list provided by the central bank’s board of outside directors. Flaherty has said he wanted to name a replacement in April and told reporters earlier this week that the process is drawing to a close.

Dan Miles, a spokesman for Flaherty, said today he had nothing new to report on the process. Bank of Canada spokesman Jeremy Harrison said he had no comment on the matter.

Carney gave a lecture in Edmonton, Alberta late yesterday and then boarded an overnight flight to Toronto before taking a connecting flight to Ottawa at about 7 a.m., instead of staying in Toronto where he is scheduled to participate in a panel discussion tomorrow.

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.

To contact the reporter on this story: 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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