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The Bank of Canada today reduced its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is continuing its policy of balance sheet normalization.

Governor Tiff Macklem discusses the Monetary Policy Report and the key issues involved in the Governing Council’s deliberations about the policy rate decision.

On Wednesday, July 24, 2024, the Bank of Canada will announce its decision on the target for the overnight rate. A press release will provide a brief explanation of the decision. The Bank will also publish its quarterly Monetary Policy Report (MPR) at the same time as the rate decision.

The Canadian Foreign Exchange Committee (CFEC) released today the results of its April 2024 semi-annual survey of foreign exchange volumes in Canada.

On Monday, July 15, 2024, the Bank of Canada will release the second quarter issues of the Business Outlook Survey and the Canadian Survey of Consumer Expectations.

Effective Monday, July 15, 2024, dealer limits for Overnight Repo (OR) operations will increase to $3 billion for each eligible participant from the previous $1 billion.

Canadian money markets are undergoing a significant change due to the disappearance of Bankers Acceptances (BAs). BAs will no longer be issued by the major Canadian banks after the cessation of the Canadian Dollar Offered Rate’s (CDOR) publication on June 28, 2024.

On Monday, June 24, 2024, Tiff Macklem, Governor of the Bank of Canada, will speak before the Winnipeg Chamber of Commerce.