OTTAWA, Jan. 16 (Xinhua) -- Former Bank of Canada and Bank of England governor Mark Carney announced Thursday he is seeking the leadership of Canada's Liberal Party.

Carney formally launched his bid in his hometown of Edmonton, Alberta.

In 2020, Prime Minister Justin Trudeau named him as an informal adviser on the federal government's pandemic recovery plan and Carney was appointed a special economic adviser to the Liberal party last September.

Local media reported that Trudeau intended to replace former finance minister Chrystia Freeland with Carney. That decision to remove Freeland from the finance portfolio led to her sudden resignation on Dec. 16.

Trudeau announced last week he was stepping down and would stay on as prime minister until his successor is chosen.

The Liberal Party announced that the nationwide race to choose the next leader of the party will conclude on March 9. Governor General Mary Simon has prorogued the parliament until March 24, giving the new prime minister 15 days to make the transition.