Bank of Canada (BoC)

BoC raises policy rate to 1% to battle inflation


BOC’s Macklem: Inflation in Canada is going to remain painfully high

Making some comments on inflation, Bank of Canada (BOC) Governor Tiff Macklem said in an interview late Wednesday that “inflation in Canada is going to remain painfully high. Demand is running ahead of the economy's ability to produce the goods people want, which will continue to create inflationary pressures.”

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What is the BOC?

The Bank of Canada is the nation's central bank. Its principal role is "to promote the economic and financial welfare of Canada," as defined in the Bank of Canada Act. The Bank’s four main areas of responsibility are:

  • Monetary policy: The Bank influences the supply of money circulating in the economy, using its monetary policy framework to keep inflation low and stable.
  • Financial system: The Bank promotes safe, sound and efficient financial systems, within Canada and internationally, and conducts transactions in financial markets in support of these objectives.
  • Currency: The Bank designs, issues and distributes Canada’s bank notes.
  • Funds management: The Bank is the "fiscal agent" for the Government of Canada, managing its public debt programs and foreign exchange reserves.

The official website, on Twitter and YouTube

Who is BOC's president?

Tiff Macklem was born in Montréal, Quebec, in 1961. He was appointed Governor of the Bank of Canada, effective 3 June 2020, for a seven-year term. He is the tenth governor of the Bank of Canada. As Governor, he is also Chairman of the Board of Directors of the Bank for International Settlements (BIS). He currently chairs both, the BIS Audit Committee and the Consultative Council for the Americas.

Tiff Macklem


Macklem on his BOC's profile and Wikipedia

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the world interest rates table

The World Interest Rates Table reflects the current interest rates of the main countries around the world, set by their respective Central Banks. Rates typically reflect the health of individual economies, as in a perfect scenario, Central Banks tend to rise rates when the economy is growing and therefore instigate inflation.