Britain's finance minister Philip Hammond said today he was starting the process of finding a replacement for Mark Carney as governor of the Bank of England.
Mark Carney has twice extended his term in charge of the Bank of England in order to help guide the economy through Brexit.
But he has ruled out a further delay even though Britain's departure from the European Union remains up in the air.
"Finding a candidate with the right skills and experience to lead the Bank of England is vital for ensuring the continuing strength of our economy and for maintaining the UK’s position as a leading global financial centre," Hammond said in a statement.
Mark Carney took up his role on July 1, 2013, and will step down on January 31, 2020.
"I look forward to working with Mark Carney over the remaining months of his term as Governor," Philip Hammond said.
"His steady hand has helped steer the UK economy through a challenging period and we are now seeing stable, low inflation and the fastest wage growth in over a decade," he added.
Mr Hammond said earlier this month he hoped that concerns about Brexit would not deter potential applicants.
The recruitment process has been designed to ensure that the most qualified candidate is appointed from the broadest possible pool of applicants, the finance ministry said.