Bank of Canada takes historic step in improving transparency with release of minutes
The Bank of Canada will release minutes from its policy setting meeting for the first time on Wednesday, as the central bank battles to restore credibility lost during last year’s fight to contain inflation.
The Bank of Canada has come under a rare attack from critics, including the opposition Conservative leader Pierre Poilievre, for misjudging inflation, which led to renewed calls for it to release minutes and be more transparent about its decision-making process.
While inflation was a global problem, the Bank of Canada has stood out from its peers, including the U.S. Federal Reserve, the Bank of England and the European Central Bank, in not providing some form of record of their meetings.
Following a review from the International Monetary Fund, the central bank accepted a key recommendation and agreed to release the “Summary of Deliberations,” similar to meeting minutes released by other central banks.
On Wednesday, the bank will release minutes of its January meeting at 1:30 p.m. ET (1830 GMT), in which the central bank raised the key interest rate by 25 basis points to 4.5% and said it would likely hold off on further increases for now.
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