By Kim Mackrael 

OTTAWA -- Bank of Canada Governor Stephen Poloz said Friday he will step down from his position as the head of Canada's central bank when his term expires next June.

Mr. Poloz's seven-year term as governor is due to end on June 2, 2020. He was appointed after the financial crisis and led the central bank during the 2014 collapse in oil prices, which prompted policy makers to cut rates to deal with the negative fallout for the Canadian economy.

"My time as Governor has been the most fulfilling of my long career," Mr. Poloz said in a statement Friday.

The statement added that the central bank's board of directors has begun a search for a replacement.

Write to Kim Mackrael at kim.mackrael@wsj.com

(END) Dow Jones Newswires

December 06, 2019 10:37 ET (15:37 GMT)