News

The Bank of Canada today released its Update to the April Monetary Policy Report. The Update discusses current economic and financial trends in the context of Canada's inflation-control strategy.

Let me start with our outlook for inflation. Higher-than-expected world oil prices mean that total CPI inflation is likely to remain above 2 per cent through the rest of this year, before falling slightly below core inflation in the second half of 2005.

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 2 per cent. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 2 1/4 per cent.

The Bank of Canada today announced the appointment of Professor Christopher Ragan to the position of Special Adviser during the year 2004-2005.

The Bank of Canada today released its 2005 schedule of eight dates for announcing decisions on its key policy interest rate, and confirmed the announcement dates for the remainder of this year.