Bank of Canada says it will start providing summary of rate deliberations next year

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OTTAWA — The Bank of Canada announced Wednesday that it will begin publishing a summary of its monetary policy deliberations beginning next year, accepting a key recommendation from a transparency review by the International Monetary Fund.

The “summary of proceedings,” similar to meeting minutes published by other central banks, will be released about two weeks after each interest rate decision, starting with the Jan. 25 meeting, the bank said. central Canada.

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« We expect it to provide a high-level summary of the issues discussed by the Board of Governors, as well as an overview of the main points of attention in their deliberations on economic developments and risks, » said the general manager of communications, Jeremy Harrison.

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The summary will not provide attribution for comments, or include votes, as the Bank of Canada makes decisions by consensus and does not hold votes, Harrison said.

The IMF released its 98-page report on Wednesday, which follows a voluntary review with the Bank of Canada. The report included 10 recommendations, including that the bank publish summaries of its rate decisions and provide more transparency about its “bilateral collaborations” with the government.

The IMF has also recommended improving its reporting in the event of intervention in the foreign exchange markets. The Bank of Canada has said providing more information is not a « priority », in part because the bank has not intervened in foreign exchange markets since 1998. (Reporting by Julie Gordon, editing by Steve Scherer )