Summary results of a survey of Canadian foreign exchange and derivatives markets are now available. The survey was conducted by the Bank of Canada in April 1998 and covered activity in the foreign exchange and derivatives markets. Similar surveys were undertaken by about 40 other countries during the same month, and the central banks of many of those countries are also releasing their results today.
On behalf of the Minister of Finance, the Bank of Canada announced today that "Revised rules pertaining to auctions of Government of Canada securities and the Bank of Canada's surveillance of the auction process," released 11 August 1998, will take effect on 14 October 1998.
On behalf of the Minister of Finance, it was announced today that Canada has renegotiated its existing U.S.$6.0 billion standby credit facility with international banks.
The Bank of Canada today raised the Bank Rate by 1/4 of one percentage point to 4 per cent. The Bank's operating band for the overnight rate was similarly adjusted.