News

he Bank of Canada today released the January update to the Monetary Policy Report, which discusses current economic and financial trends in the context of Canada's inflation-control strategy.

The Canadian economy is judged to have been operating at, or just above, its production capacity at the end of 2006, following weaker-than-expected growth in the second half of last year. This slowdown stemmed from reduced demand for Canadian exports - related to weakness in the U.S. automotive and housing sectors - and from the need for Canadian businesses to adjust inventories.

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 4 1/4 per cent.

Beginning today, the Bank of Canada is inviting nominations for the fourth annual Law Enforcement Award of Excellence for Counterfeit Deterrence.

Canada's macroeconomic policies are second to none in supporting financial system efficiency, but work is needed to bring the country's structural policies up to that level, Bank of Canada Governor David Dodge said today.