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Canadian Imperial Bank of Commerce (CIBC)
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Close 2022-10-25 C$ 60.09
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Globe says BMO, rivals hear BOC independence defended

2022-10-26 08:11 ET - In the News

See In the News (C-BMO) Bank of Montreal

The Globe and Mail reports in its Wednesday, Oct. 26, edition that Finance Minister Chrystia Freeland is emphasizing the Bank of Canada's independence following criticism from federal NDP Leader Jagmeet Singh. A Canadian Press dispatch to The Globe reports that on Friday Mr. Singh sent a letter to Prime Minister Justin Trudeau warning that another rate hike will have a "serious impact on families." When asked by reporters Tuesday what she thought of Mr. Singh's letter, Ms. Freeland acknowledged the economic pain Canadians are feeling but noted that institutional stability is important, with the BOC's independence playing an important role in ensuring stability. Ms. Freeland said, "Our government respects very much the independence of the Bank of Canada." However, she also acknowledged that Canadians have been facing tough economic conditions amid high inflation and rising interest rates. The primary mandate for the bank is still maintaining low and stable inflation. Mr. Singh criticized the federal government in his letter for missing an opportunity in the BOC's mandate to give it a more active role in protecting employment. Mr. Singh notes Ottawa passed on a chance to revise the BOC's mandate last fall.

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