(October 30 – 19:15 ET) – The Bank of Canada has released its schedule for interest rate announcement dates through the year 2001. In releasing the dates, the bank confirmed that the announcements will be made on Tuesdays at 09:00 ET.

The bank retains the option of acting between fixed dates, but says it would exercise this option only in extraordinary circumstances.

The schedule of dates from December 2000 through 2001 is:

  • Tuesday 5 December 2000;
  • Tuesday 23 January 2001
  • Tuesday 6 March 2001;
  • Tuesday 17 April 2001;
  • Tuesday 29 May 2001;
  • Tuesday 17 July 2001;
  • Tuesday 28 August 2001;
  • Tuesday 23 October 2001; and
  • Tuesday 27 November 2001.

The bank says decision to schedule the announcements on Tuesdays was made following consultation with financial market participants and interested individuals. A summary of the results of the consultation process is available on the bank’s Web site.

“We wish to thank all those who provided views on details of the Bank’s proposed plan,” said Bank Governor Gordon Thiessen. “With the benefit of these views, I am confident that the Bank’s decision to implement pre-set announcement dates for Bank Rate changes will contribute to the improved functioning of financial markets, better public understanding of the factors affecting the Bank’s decisions on interest rates, and more effective Canadian monetary policy.”

At 09:00 ET on the day of each announcement, the bank will issue a press release indicating its decision, together with a short explanation of the factors influencing the decision and the bank’s view of the risks in the period ahead. The release will be posted on the bank’s Web site and distributed nationally via Canada News Wire. The bank will continue to post interest rate information on Bridge, Reuters and Bloomberg financial wire services.

The eight new announcements a year that will be integrated with the bank’s other key monetary policy publications. In the context of this increased frequency of communications, the bank says it will cease publishing the extracts from the minutes of the meetings of the board of directors.
-IE Staff