Bank of Canada to announce rate 15 minutes earlier starting in 2024

The Bank of Canada will bring forward the timing of its eight annual scheduled rate announcements by 15 minutes starting next month to improve market functioning, it said on Friday.

In a statement, the central bank said the release would henceforth be at 9:45 a.m. Eastern Time rather than 10 a.m. This is designed to remove a conflict with the North American timing of foreign exchange option expiry.

 

 

In addition, Governor Tiff Macklem and Senior Governor Carolyn Rogers will give a news conference after every announcement. The two currently appear only after every other announcement but in a separate speech, Macklem said the bank wanted to improve the way it communicates its decisions.

The bank also said that the deadline for the Securities Repo Operation would move to 10:15 ET from 10 a.m. and that the timing for the release of the call for tenders would change to 15 minutes before the deadline from the current 30 minutes before the deadline. The changes are effective starting Monday.

 

 

This article was reported by Reuters