The Bank of Canada is vowing to be more open and transparent after being pressured to do so
by the International Monetary Fund (IMF).
Going forward, Canada’s central bank said it will publish minutes, or a summary, of its meetings
and discussions on the economy and interest rates.
The Bank of Canada said it will start producing summaries two weeks after each policy meeting,
beginning with its January 25, 2023, interest rate decision.
The move to publish meeting minutes comes after the IMF took issue with the Bank of Canada’s
transparency in a new report.
Canada’s central bank has been criticized for not publishing meeting minutes as the U.S.
Federal Reserve does, which the IMF said in its report is the “golden standard” among central
banks.
The meeting minutes made public by the Bank of Canada won’t attribute comments to a specific
individual. Also, Canada’s central bank doesn’t make policy through a voting system, so no vote
count will be published in the summaries.
The Bank of Canada added that it will also enhance future transparency around its risk
management and audit functions.
So far this year, the Bank of Canada has raised its trendsetting interest rate to 3.25% from a low
of 0.25%. Economists expect another 50-basis point rate increase in October.
