Bank of Canada to reveal summaries of rate-decision meetings starting next year

Bank of Canada to reveal summaries of rate-decision meetings starting next year
Bank of Canada to reveal summaries of rate-decision meetings starting next year

Arabnews24.ca:Wednesday 28 September 2022 12:32 PM: The Bank of Canada will start to publish summaries of what happened at its meetings to decide on monetary policy starting next year, after a report from the International Monetary Fund suggested a few ways the bank could be more transparent about what it does.

In a new report that reviews the transparency practices at central banks around the world, the IMF says the Bank of Canada "sets a high benchmark for transparency."

The report also provided 10 recommendations for improving transparency, including one to "consider publishing a detailed summary of monetary policy deliberations by the Governing Council."

That's similar to what happens in the United States, where the Federal Reserve periodically publishes the minutes of their two-day policy meetings several weeks after the decision is announced. This is so the public can have a better understanding of the rationale for rate decisions, including the opinions of those who may have disagreed with the final one. 

The Bank of Canada says it has committed to publishing such summaries about two weeks after each rate decision starting in January 2023.

But unlike what the Fed does, the summaries won't provide attribution to individual council members and won't record votes because there are no votes in the bank's deliberation process.

In response to the report, the Bank of Canada said it welcomes the findings.

"The Bank is committed to constantly enhancing our transparency," the bank said in a formal statement. "While we regularly assess and evolve our own practices, including importantly through comprehensive reviews of our monetary policy framework every five years, we also respond to feedback from external stakeholders and take into account broader trends in the central banking community."

Get the latest news delivered to your inbox

Follow us on social media networks

 
c 1976-2021 Arab News 24 Int'l - Canada: كافة حقوق الموقع والتصميم محفوظة لـ أخبار العرب-كندا
الآراء المنشورة في هذا الموقع، لا تعبر بالضرورة علي آراء الناشرأو محرري الموقع ولكن تعبر عن رأي كاتبيها
Opinion in this site does not reflect the opinion of the Publisher/ or the Editors, but reflects the opinion of its authors.
This website is Educational and Not for Profit to inform & educate the Arab Community in Canada & USA
This Website conforms to all Canadian Laws
Copyrights infringements: The news published here are a feed from different media, if there is any concern,
please contact us: arabnews AT yahoo.com and we will remove, rectify or address the matter.