On Wednesday at 1:30 p.m., the Bank will release a transcript of the deliberations behind its latest interest rate decision, bringing it into line with the U.S. Fed and Bank of England.
On Wednesday at 1:30 p.m., the Bank of Canada will release a rough transcript of the deliberations behind its latest interest rate decision.
The deliberations came ahead of the Bank’s Jan. 25 decision to raise its key overnight lending rate by 25 basis points to 4.50 per cent. It was the eighth straight time the Bank raised interest rates as it attempts to get inflation under control. While the Bank has previously published a detailed quarterly Monetary Policy Report which includes broad-based economic forecasts and analysis of monetary policy, as well as press releases explaining its decisions, Wednesday is the first time the public will get detailed notes from its rate-setting meetings.
The move brings the Bank into line with central bank peers like the U.S. Federal Reserve and the Bank of England, both of which publish transcripts of their rate-setting meetings.the International Monetary Fund praised the Bank of Canada’s transparency, but left no doubt there was room for improvement.
“The BOC could strengthen its relations with its stakeholders by providing more information on monetary policy deliberations and ex-post policy evaluations,” said the report.
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