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Bank of Canada announces changes to communications of interest rate decisions

The Bank of Canada today announced changes to its procedures for communicating monetary policy decisions, which will take effect in 2024.

Effective January 24, 2024:

  • every scheduled interest rate announcement will be followed by a press conference with the Governor and Senior Deputy Governor at 10:30 ET.
  • all scheduled interest rate announcements will take place at 9:45 ET, 15 minutes earlier than at present. This change is aimed at improving market functioning by removing a conflict with the North American timing of foreign exchange option expiry.
  • the text of the Governor’s opening statement will be published along with the interest-rate announcement at 9:45 ET.

Effective December 18, 2023:

  • the deadline for the Bank’s Securities Repo Operation (SRO) will move to 10:15 ET, from 10:00 ET, and the timing for the release of the Call for Tenders will change to 15 minutes before the deadline, from its current 30 minutes before the deadline.

These changes to the SRO are to accommodate the upcoming change in timing of interest rate announcements. The SRO’s current maximum bid rate will remain at 15 basis points below target and there are no other changes to the SRO. The Bank will monitor these operations and market developments. At its discretion, the Bank will adjust operation parameters and consider other measures, as warranted, to support its monetary policy objectives in a floor system while promoting good market functioning.

Media Relations
Bank of Canada

Financial Markets Department

Financial Markets Department

Content Type(s): Press, Market notices