Bank of Canada Vows More Transparency After Pressure From IMF

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, Bloomberg News reported. 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 do expect it to provide a high-level summary of the issues discussed by Governing Council, as well as insight into the key points of focus in their deliberations on economic developments and the risks,” Jeremy Harrison, managing director of the bank’s communications department, said in a statement. “We also expect it will provide insight into the range of policy options that Governing Council may be considering at any given decision.” The Bank of Canada has faced criticism in the past for not publishing minutes like the US Federal Reserve, which the IMF said in its report is a practice considered the “golden standard” among inflation targeting central banks. Read more.