Changes Regarding Noon Foreign Exchange Rates Effective 7 November 2005

Beginning on 7 November 2005, the Bank of Canada will be implementing a number of changes directed towards achieving a more timely release of noon foreign exchange rates. These changes will be implemented on a six-month trial basis to allow the Bank to assess whether further refinements are required to ensure that these rates remain an accurate reflection of mid-day rates in wholesale markets.

Under the new methodology, the Bank of Canada will monitor the US$/Can$ foreign exchange market between 11:59 a.m. and 12:01 p.m. to determine a representative US$/Can$ foreign exchange rate. This rate will be made publicly available shortly after 12:01 p.m. through the Bank of Canada's pages on the Bloomberg (BOFC5), Bridge (3194), and Reuters (BOFC) news services. Prior to this change, foreign exchange markets were monitored between 11:55 a.m. and 12:05 p.m., and noon rates were made available shortly after 12:05 p.m.

In addition, indicative exchange rates for the Canadian dollar versus 14 other currencies will be made available through the same Bank of Canada pages with these news services by 12:06 p.m. A far more extensive list on the Bank of Canada's website of noon foreign exchange rates of 55 currencies will now typically be updated by 12:45 p.m. at month-end and 12:30 p.m. on other business days. Prior to these changes, noon foreign exchange rates were released on the Bank of Canada's website by 1 p.m.