Low interest rates have 'done their job,' says Bank of Canada's Poloz

The governor of the Bank of Canada says it looks like low interest rates put in place in 2015 have "done their job" but he stopped short of predicting the central bank's next move.

Stephen Poloz said in an interview broadcast on business news channel CNBC that the Canadian economy has been recovering from the global financial crisis that erupted in 2008 and the sudden decline in oil prices that began in late 2014.

The Bank of Canada's next interest rate announcement is set for July 12 when it will also release an updated outlook for the economy in its monetary policy report.

Poloz made the comments in Portugal, where he's participating in a forum hosted by the European Central Bank.

He says virtually every major area of the world seems to be gaining economic momentum with the United States "way out in front."

He says the drop in oil prices set Canada's economy back causing the Bank of Canada to compensate by lowering interest rates but growth has returned to a more normal pace.