News

The Bank of Canada today released its October Monetary Policy Report, which discusses current economic and financial trends in the context of Canada's inflation-control strategy.

In the report, we said that the global and Canadian economies have continued to grow at a solid pace, and our economy now appears to be operating at full production capacity. Past and recent movements in energy prices and in the exchange rate for the Canadian dollar, along with competitive pressures from China and other newly industrialized economies, are giving rise to significant ongoing adjustments in the Canadian economy.

The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 3 per cent.

Bank of Canada Governor David Dodge today said that the pursuit of financial system efficiency is an important way for regulators to "best serve the public and contribute to sustainable economic growth and prosperity in Canada."

The Bank of Canada has been contributing to the goal of an efficient financial system in a number of ways. The Bank's monetary policy aims to keep inflation low, stable, and predictable.