The International Monetary Fund is recommending the Bank of Canada publish a detailed summary of monetary policy deliberations to improve transparency.
In a new report that reviews the central bank’s transparency practices, the IMF says the Bank of Canada “sets a high benchmark for transparency.”
The report also provided 10 recommendations for improving transparency, including publishing a detailed summary of monetary policy decisions by the governing council.
In response to the IMF report, the Bank of Canada has committed to publishing summaries about two weeks after each monetary policy decision starting in January 2023.
The summaries won’t provide attribution to individual council members and won’t record votes because there are no votes in the bank’s deliberation process.
The new report is part of a pilot project by the IMF to evaluate transparency practices in central banking globally.