Monetary Policy Report - November 1996

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This Report outlines recent developments in the Canadian economy that affect the rate of inflation and provides an account of the measures taken by the Bank of Canada to control inflation. It also assesses the background for the conduct of monetary policy in the period ahead.

Over the past six months, with continued downward pressure on inflation and sluggish aggregate demand, the Bank took further action to ease monetary conditions by reducing the Bank Rate and its operating band for the overnight interest rate.