Canada Finance Minister, Bank of Canada set to unveil monetary policy framework

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FILE PHOTO: Bank of Canada building in Ottawa

OTTAWA – The Bank of Canada and the finance ministry are scheduled hold a news conference on Monday, officials said on Friday, a clear sign they will announce the renewal of their five-year monetary policy framework.

Reuters reported on Thursday the central bank would soon announce it was leaving its inflation target at 2% in a framework renewal. The central bank and the finance ministry review the inflation target, which expires at year-end, every five years.

The Bank of Canada is due to make an announcement at 10 am Eastern time (1500 GMT) on Monday and an hour later Governor Tiff Macklem and Finance Minister Chrystia Freeland will hold a joint news conference.

Neither the central bank nor Freeland’s office were immediately available for comment.

(Reporting by David Ljunggren; Editing by Chris Reese and Chizu Nomiyama)