Bank of Canada set to release summary explaining latest interest rate hike – National

The Bank of Canada will release a summary of its deliberations on the latest interest rate hike later Wednesday, the first time the central bank is giving Canadians a peek behind the curtain into its decision-making process.

The bank last year announced it would start publishing these summaries about two weeks after its interest rate decisions in an effort to improve transparency around how its decisions are made.

This comes after the central bank hiked interest rates aggressively over a period of less than a year, bringing its key rate from 0.25 per cent in March to 4.5 per cent on Jan. 25 in a bid to combat skyrocketing inflation.

After its latest hike, the bank signalled it’s taking a pause to let the effects of higher rates sink in.

The Federal Reserve, which is the Bank of Canada’s U.S. counterpart, publishes minutes of its meetings three weeks after policy decisions.

The Bank of Canada hasn’t said what format the deliberation summaries will take or how much detail it will provide.

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Bank of Canada raises interest rate to 4.5 per cent, signals pause on hikes for now