Tag: Bank of Canada

Bank of Canada

Bank of Canada Commences New Reference Rate Publication

The Bank of Canada has followed through on a plan to change how it publishes reference FX rates to reinforce the distinction between reference rates used for benchmark fixings and those for information purposes only.
From March 1, Canada’s central bank began publishing new data for 26 currencies, and stressed they were “intended for statistical, analytical and informational purposes only”.
The new rates are published once a day, by 16:30 Eastern time and represent a daily average rate for that currency against the Canadian dollar.

Bloomberg Launches Canadian FX Benchmark Rates

Bloomberg has launched Canadian FX benchmark rates (BFIX) a week ahead of the Bank of Canada’s planned changes to the timing, frequency and calculation of the daily average rate for currencies against the Canadian dollar.

The central bank said these changes, due to go into effect on March 1, will reinforce the distinction between FX rate fixings used as benchmarks for transactional purposes and Bank of Canada exchange rates that are provided as a public good – for statistical, analytical and informational purposes only.

BOC Holds Steady on Rates

The Bank of Canada (BOC) announced that it is maintaining its target for the overnight rate at 0.5%. The bank rate is correspondingly 0.75% and the deposit rate is 0.25%.

In a release issued today, the BOC says that global growth in the first half of 2016 was slower than it had projected in its July Monetary Policy Report (MPR), although the Bank continues to expect it to strengthen gradually in the second half of this year. The US economy was weaker than expected in the second quarter, notably reflecting a contraction in business and residential investment.