The Bank has also been actively exploring additional ways to enhance transparency, especially around our monetary policy decisions.4 Earlier this year, we volunteered to undergo a pilot review of our broader transparency practices under the International Monetary Fund’s new Central Bank Transparency Code.5 In its report, the International Monetary Fund recognized that the Bank sets a high benchmark for overall transparency.
In addition, the report characterizes the Bank’s monetary policy framework as comprehensive, transparent and understandable. The report also contained recommendations, including that the Bank begin publishing a summary of deliberations after each of our policy decisions— something that we were already considering. Starting in January, we will do exactly that.