The Bank of Canada will begin publishing a minutes-like summary of deliberations by officials after each policy decision in an effort to enhance transparency as it faces one of the most severe tests of its credibility.
The move comes in response to a review by the International Monetary Fund, released on Wednesday, of the central bank’s transparency practices. The Bank of Canada said it will produce summaries roughly two weeks after each policy meeting, starting with the Jan. 25 decision.
“We also expect it will provide insight into the range of policy options that Governing Council may be considering at any given decision.” The need to bolster the bank’s inflation-fighting credibility, however -- with whatever means -- has taken on added urgency after policymakers failed to foresee the extent and stickiness of the surge in consumer prices, and were late to respond.
Harrison said the summaries won’t attribute comments to any individual members on the council. The Bank of Canada doesn’t make policy through a voting system, so no vote records will be published.
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