Finnish central bank chief Olli Rehn to run for president

The Bank of Finland (BoF) said the bank's deputy head Marja Nykanen will be acting Finnish central bank governor while its board member Tuomas Valimaki will take Rehn's place as a voting member of the European Central Bank's governing council. Finland's president wields significant power in areas such as foreign and security policy.

Finnish central bank Governor Olli Rehn plans to take a leave of absence to run in a presidential election due next year, he said on Wednesday, leaving his deputy to run the bank. The Bank of Finland (BoF) said the bank's deputy head Marja Nykanen will be acting Finnish central bank governor while its board member Tuomas Valimaki will take Rehn's place as a voting member of the European Central Bank's governing council.

Finland's president wields significant power in areas such as foreign and security policy. The election comes after Finland in April joined the NATO military alliance in a historic policy shift brought on by Russia's invasion of Ukraine. The move drew a threat from Moscow of "counter-measures." Having decided to run independently, Rehn must collect 20,000 signatures before he can formally enter the race to succeed Sauli Niinisto who is stepping down after two terms.

"I will apply for a leave of absence when hopefully I am nominated as a presidential candidate," Rehn told a news conference. Rehn, who is due to start a holiday immediately and is expected to start the leave of absence when that ends, said he would not be engaged in any official duties while preparing to stand for office.

Pekka Haavisto, who on Wednesday resigned as foreign minister as the government stepped down in the wake of general elections, has also said he will run for the presidency. The first round of Finland's presidential election is due on Jan. 28 next year. If none of the candidates wins more than 50% of votes, a run-off between top two contenders will be held on Feb. 11.

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