(Reuters) – The current period of high inflation has focused the central bank’s efforts to communicate clearly and concisely, the Globe and Mail reported late Friday, Bank of Canada Deputy Governor Caroline Rogers (NYSE) said.
The Bank of Canada has tried to simplify its access to the public for a number of years, publishing videos and clear language explanations of monetary policy.
“The best way to keep Canadian inflation expectations low is to bring inflation back to target,” Rogers told the Globe and Mail. “But in the meantime, we believe the more Canadians understand what we do, and why we do it, the more trust they will build in the Bank of Canada.”
The Bank of Canada raised interest rates to 3.25% from 2.50% earlier this month, to a 14-year high, and indicated that its most aggressive tightening campaign in decades had yet to be implemented as it struggled to tame inflation.
“The scenario we are concerned about is that Canadians look at the current rate of inflation, think it’s here to stay, and start incorporating that thinking into long-term decision-making,” the newspaper quoted Rogers as saying at a news conference. After the price hike.