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The Bank of Canada today announced that it is maintaining its target for the overnight rate at 2 1/2 per cent.

Effective immediately, calls for tenders for cash management bills may be released on any day at either 10:00 a.m. or 4:00 p.m. The addition of a later time to the existing Auction Timetable will increase the ability of the government's cash managers to raise balances on short notice in response to unexpected developments.

Bank of Canada Governor David Dodge said today, that in conducting monetary policy, the Bank analyzes movements in the Canadian dollar in the context of economic and financial data and events.

Every year, the Canadian Press surveys news directors and editors to select the top business story of the year. In 2004, they picked the rise of the Canadian dollar. That was not a surprising choice.

In December 2004, the Bank of Canada sent those banks who are members of the Canadian Foreign Exchange Committee (CFEC)1 a questionnaire that focused on the foreign exchange hedging activities of their corporate customers. The questionnaire was similar in structure to one that was circulated to CFEC members in January 2004.

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

The outlook for the Canadian economy continues to be shaped by global developments, including the realignment of world currencies. The near-term outlook for the global economy is a touch weaker than projected in the October Report, but more solidly based because of somewhat lower oil prices and greater confidence in the momentum of the U.S. economy.

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 2 1/2 per cent. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 2 3/4 per cent.

As part of its ongoing efforts to improve the security of Canadian bank notes, the Bank of Canada will issue a $10 note with upgraded security features beginning 18 May 2005.

The Board of Directors of the Bank of Canada today announced the appointment of Tiff Macklem as Deputy Governor of the Bank and a member of the Bank's Governing Council, effective 29 December. Mr. Macklem's appointment fills the vacancy created by the departure of Mark Carney.