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Bank of Canada says it must communicate clearly on inflation

Bank of Canada says it must communicate clearly on inflation - newspaper Reuters. FILE PHOTO: An indicator is pictured beyond your Bank of Canada building in Ottawa, Ontario, Canada, May 23, 2017. REUTERS/Chris Wattie/File Photo

(Reuters) – THE LENDER of Canada’s senior deputy governor, Carolyn Rogers (NYSE:), says the existing amount of high inflation has focused the central bank’s efforts to communicate clearly and concisely, the world and Mail newspaper reported late on Friday.

THE LENDER of Canada has been attempting to simplify its public outreach for several years, publishing videos and plain-language explainers of monetary policy.

“The easiest method to keep Canadians’ expectations on inflation low would be to get inflation back again to target,” Rogers told the world and Mail. “However in the meantime, we believe the more Canadians know very well what we’re doing, and just why we’re carrying it out, the more trust they’ll build in the lender of Canada.”

THE LENDER of Canada hiked interest levels to 3.25% from 2.50% earlier this month, with their highest level in 14 years, and signaled its most aggressive tightening campaign in decades had not been yet done since it battles to tame inflation.

“The scenario that we’re concerned about is that Canadians consider the current rate of inflation, they think it’s here to remain, they start incorporating that thinking into long-term decision making,” the newspaper quoted Rogers as saying in a news conference following the rate hike.

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