close up view of new 100 Canadian dollar banknotes

The Bank of Canada says governor Stephen Poloz will not seek a second term as governor when his seven-year term expires next year.

Poloz, 64, said the role of Bank of Canada governor has been his dream job.

“My time as Governor has been the most fulfilling of my long career,” he said in a statement Friday.

“During my term, the bank has created the conditions for steady economic growth, low unemployment, and inflation close to target through very challenging times.”

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’s term expires on June 2, 2020.

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

The Bank of Canada expects to complete the recruitment process by the spring of next year and subject to approval by the federal finance minister and cabinet have Poloz’s replacement in place for June 3, 2020.

The search for a new governor of the Bank of Canada comes at an interesting time for the central bank.

The bank kept its key interest rate on hold at 1.75% when it made its rate announcement earlier this week, but many economists have suggested it may be looking to cut its key interest rate early next year.

The Bank of Canada has kept its overnight rate target on hold for more than a year due to what it has said has been the resilience in the Canadian economy.

In doing so, the central bank has stood out from many of its international peers who have moved to loosen monetary policy and cut interest rates in response to worries about a weakening global economy.