Bank of Canada to publish summary of interest-rate deliberations for the first time

OTTAWA –

The Bank of Canada will launch a abstract of its deliberations on the newest rate of interest hike later as we speak, the primary time the central financial institution is giving Canadians a peek behind the scenes into its decision-making course of.

The financial institution final yr introduced it might begin publishing these summaries about two weeks after its rate of interest choices in an effort to enhance transparency round how its choices are made.

This comes after the central financial institution hiked rates of interest aggressively over a interval of lower than a yr, bringing its key fee from 0.25 per cent in March to 4.5 per cent on Jan. 25 in a bid to fight skyrocketing inflation.

After its newest hike, the financial institution signalled it is taking a pause to let the results of upper charges sink in.

The Federal Reserve, which is the Bank of Canada’s U.S. counterpart, publishes minutes of its conferences three weeks after coverage choices.

The Bank of Canada hasn’t stated what format the deliberation summaries will take or how a lot element it is going to present.

This report by The Canadian Press was first revealed Feb. 8, 2023.