Bank of Canada, with acronym BOC is the Canadian’s Central bank that administers the country’s monetary policies. The Bank of Canada’s announcements informs Canadians about the interest rates and other financial policies of the government.
Want to know more about the BOC meeting schedule for 2020? Read on to find out! But before we dive deeper, let’s throw more light on the activities of the Bank of Canada.
A Little Bit More About BOC
BOC was established in line with the Bank of Canada Act of 1934. The Act clearly stated that the BOC was established to promote the economic and financial welfare of Canada.” The Bank of Canada and its governing council are responsible for printing money, setting monetary policies, as well as determining the country’s interest rate.
The responsibility of the Bank of Canada is broadly categorized into four major areas:
- Monetary policy: The Bank of Canada is statutorily mandated to dictate the supply of money circulating in the economy.
- Currency: The BOC is also the sole issuer of Canadian banknotes. The bank is also responsible for funds management.
- Public Debt: The Bank of Canada is also responsible for managing the federal government’s foreign reserves and public Debt.
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BOC Meeting Schedule 2020
|January||22||Interest rate announcement and Monetary Policy Report|
|March||04||Announcement of interest rates|
|April||15||Interest rate announcement and Monetary Policy Report|
|June||03||Announcement of interest rates|
|July||15||Interest rate announcement and Monetary Policy Report|
|September||09||Announcement of interest rates|
|October||28||Interest rate announcement and Monetary Policy Report|
|December||09||Announcement of interest rates|
The BOC and the Interest Rate
Setting the interest rate is one of BOC’s most important roles. Canada’s monetary policy framework is designed to keep inflation low and stable. The interest rate is decided eight times a year.
In 2007, the interest rate was above 4 percent before being lowered, over time, to 1 percent in 2010. The rate was cut twice in 2015 to 0.5 percent. Since 2015, this rate has risen three times to 1.25 percent as of April 28, 2018.
This rate is the interest charged when banks lend money to each other. The BOC generally imposes rate cuts to boost the economy.
And that wraps it up. You now know the responsibilities of the Bank of Canada and the BOC meeting scheduled for 2019.
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