Bank of Canada ‘remains independent’ amid political comments: Macklem
Global News
Governor Tiff Macklem defended the Bank of Canada's operational independence on Thursday as the central bank's interest rate decisions face political commentary.
Bank of Canada governor Tiff Macklem reaffirmed the central bank’s independence on Thursday in response to politicians weighing in on the institution’s interest rate decisions over the past week.
“I am confident that the Bank of Canada remains independent,” Macklem said to reporters in Calgary.
“We have a clear mandate. Canadians expect us to control inflation, and that’s what we’re doing.”
Macklem’s comments came a day after the Bank of Canada opted to hold its benchmark interest rate steady.
Chrystia Freeland, Canada’s deputy prime minister and finance minister, called that decision a “welcome relief” for Canadians feeling the pinch of higher interest rates on their mortgages.
Before the decision, three premiers wrote to the Bank of Canada asking the institution to not raise interest rates any higher to avoid further pain on Canadians.
The Bank of Canada is an independent institution tasked with setting monetary policy for the country; it receives its inflation targeting mandate from the federal government but sets interest rates and otherwise operates autonomously.
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