The Bank of Canada will release a summary of its deliberations on the latest interest rate hike later today, the first time the central bank will give Canadians a peek behind the curtains into its decision-making process. The Bank of Canada is shown in Ottawa on Tuesday, July 12, 2022. THE CANADIAN PRESS/Sean Kilpatrick
OTTAWA – The Bank of Canada will release a summary of its deliberations on the latest interest rate hike later today, the first time the central bank is giving Canadians a peek behind the curtain into its decision-making process.
The bank last year announced it would start publishing these summaries about two weeks after its interest rate decisions in an effort to improve transparency around how its decisions are made.
This comes after the central bank hiked interest rates aggressively over a period of less than a year, bringing its key rate from 0.25 per cent in March to 4.5 per cent on Jan. 25 in a bid to combat skyrocketing inflation.
After its latest hike, the bank signalled it’s taking a pause to let the effects of higher rates sink in.
The Federal Reserve, which is the Bank of Canada’s U.S. counterpart, publishes minutes of its meetings three weeks after policy decisions.
The Bank of Canada hasn’t said what format the deliberation summaries will take or how much detail it will provide.
This report by The Canadian Press was first published Feb. 8, 2023.
