Bank of Canada announces its decisions on interest rate eight times a year. It is one of the key events influencing the Canadian dollar quotes. The interest rate decision is adopted by the BoC Governing Council. The Governing Council makes the decision using information provided by the Monetary Policy Review Committee and the four economic departments at the Bank (they are responsible for analyzing Canada's economic situation, the international economy, financial stability and financial markets). Also the Council uses data series from Statistics Canada.
The decision-making process consists of five stages.
Depending on inflationary conditions, the BoC may either raise the interest rate (if inflation is too high), cut it (in case of deflation), or leave it unchanged (if inflation remains at the target level). The interest rate is the main instrument for regulating inflation, which is implemented by the Bank of Canada.
Changes in the interest lead to a short-term volatility of the Canadian dollar. An increase in the interest rate is seen as positive for the national currency.
The chart of the entire available history of the "Bank of Canada (BoC) Interest Rate Decision" macroeconomic indicator.
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