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The Board of Directors of the Bank of Canada announced today that, pursuant to Section 6 of the Bank of Canada Act, Malcolm Knight has been appointed Senior Deputy Governor of the Bank for a seven-year term, effective 5 July 1999.

It is always a pleasure to appear before your Committee following the publication of our Monetary Policy Report. We released our ninth Report last Wednesday. The Bank of Canada began publishing these Reports on a semi-annual basis four years ago, as part of our effort to increase the transparency and accountability of the Bank's conduct of monetary policy.

Professor Daniel Racette has been chosen to fill the visiting economist position of Special Adviser in the Bank of Canada for a one-year term beginning in August 1999.

This morning we released our ninth Monetary Policy Report. The economic and financial situation is much improved since our previous Report in November. Financial markets have steadied in Southeast Asia, and prospects are good for a gradual recovery there. In Brazil, the authorities have taken major steps to address their difficulties. Overall, global financial markets […]

Bank of Canada Governor Gordon Thiessen today commented on the release of the Bank's ninth Monetary Policy Report.

The world economy and Canada have had to navigate some difficult straits in the past couple of years. But we have made it through. And considering the tide from the Asian financial crisis that washed around the world, the Canadian economy has coped better this time around than in the past.

The Bank of Canada today lowered its Bank Rate by ¼ of one per cent to 4¾ per cent.

The Canadian economy has come through the financial volatility and global economic slowdown of the past few years quite well and has started 1999 on a strong note, Bank of Canada Governor Gordon Thiessen told members of La Chambre de Commerce de la région sherbrookoise today.

Since we have recently tabled the Bank of Canada’s Annual Report in Parliament, I would also be happy to answer any questions you may have about our stewardship of the Bank.

The Bank of Canada today lowered its Bank Rate by ¼ of one per cent to 5 per cent. The associated operating band for overnight interest rates was similarly reduced.