The Globe and Mail reports in its Thursday edition that the Bank of Canada will start publishing summaries of its monetary policy meetings in an effort to improve transparency and boost credibility as it struggles to bring down high inflation. The Globe's Mark Rendell writes that the announcement was a response to a review of the BOC's transparency practices by the International Monetary Fund. The summaries will be published about two weeks after each interest-rate decision by the bank's governing council, starting with the meeting on Jan. 25. The BOC has been ramping up public outreach efforts in recent months to explain why it is rapidly increasing interest rates, and to persuade Canadians that today's high inflation will eventually come back down. The announcement moves the BOC closer to the U.S. Federal Reserve, which publishes detailed minutes of the rate-setting meetings of its Federal Open Market Committee. However, it stops short of giving the same level of detail. BOC spokesman Jeremy Harrison says, "We do expect it to provide a high-level summary of the issues discussed by [the] governing council, as well as insight into the key points of focus in their deliberations on economic developments and the risks."
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