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Effective 9 December 2002, the turnaround time for Government of Canada securities auctions will be reduced from 15 minutes to 10 minutes, and the turnaround time for repurchase operations will be reduced from 30 minutes to 15 minutes. Coincident with these changes, the submission deadline for buybacks on a cash basis will be advanced from 1:15 p.m to 1:00 p.m.

Today, the Bank of Canada announced that Deputy Governor Charles (Chuck) Freedman will retire from the Bank effective 5 September 2003.

In a speech to the Calgary Chamber of Commerce, Bank of Canada Governor David Dodge today outlined some of the ways in which the central bank contributes to Canada's economic and financial welfare.

It's been a difficult year for many sectors of the Alberta economy. Certainly, the severe drought hurt many western farmers, and investment in the energy sector was held back by low oil and gas prices. In addition, the slump in the telecom sector has affected Calgary.

The dramatic events of the last two years and growing concern about the near-term prospects for the global economy have created a climate in which policy-makers focus only on current economic developments and lose sight of longer-term goals.

The Canadian economy has been expanding strongly so far this year and is now operating fairly close to its full production capacity. Consumer price inflation has risen above the 2 per cent target and is expected to rise further before year-end because of high oil prices and a number of other relative price movements.

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

The Canadian economy has been expanding strongly so far this year and is now operating fairly close to its full production capacity. Consumer price inflation has risen above the 2 per cent target and is expected to rise further before year-end because of high oil prices and a number of other relative price movements.

Today, we released our October Monetary Policy Report, in which we discuss economic and financial trends in the context of Canada's inflation-control strategy.

In this context, he focused on the critical role that higher productivity plays in supporting real income growth and improved standards of living over time.