BoC summary of deliberations: the Bank of Canada's account of its decision

The BoC summary of deliberations is the Bank of Canada's written account of how its Governing Council reached a rate decision, published about two weeks after the announcement. It moves the Canadian dollar far less than the decision itself, but it can shift the view of the next meeting when it shows a council that was more divided, or more worried, than the press release let on.

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By Mike. Explanation updated 2 Oct 2026; the dates and moves below update with the research.

BoC summary of deliberations in short

Next release: Not on our calendar yet. It appears once the date is confirmed.
Published by: Bank of Canada
When: About two weeks after each of the eight rate decisions, at 13:30 Ottawa time. That is 19:30 in Amsterdam for most of the year, and 18:30 in the few weeks when Canada and Europe have changed their clocks on different dates.
Currency: Canadian dollar (CAD)
Impact: Medium: it moves the currency when it surprises
Comes out: About two weeks after each rate decision, eight times a year
Covers: The world economy, Canada and inflation, the options weighed, and the decision
Published since: 2023, after an IMF review of the Bank's transparency recommended it

What is in the BoC summary of deliberations

Each summary opens by naming the decision it covers and the members of Governing Council who took part. It then follows the discussion in order: the international economy, the Canadian economy and the inflation outlook, the considerations for monetary policy, and the decision.

Views are given to the council as a whole or to some of its members, never to a named person. When members disagreed, for example on the timing of a move, the summary says so and sets out the arguments on each side.

It also says what members will be watching before the next decision. For the market, that list is often the most useful part.

Why the summary can move the Canadian dollar

The Bank of Canada decides by consensus and publishes no vote count. The summary is the only official window on how close the call was.

A summary that shows members weighed a different move than the one they made, or argued for waiting, changes the odds for the next meeting. The loonie reacts to that through the expected gap between Canadian and US rates.

Most of the time the reaction is small. The summary looks back two weeks, and by then a CPI or jobs report may already have changed the picture.

How to read it against the decision

Put it next to the press release and the opening statement of the press conference. What counts is what the summary adds: an option that was discussed, a risk that weighed more than the release suggested, or a range of views on timing.

Look closely at the words about the next step. A general line about being ready to adjust the rate if the outlook changes is standard; a list of specific things members want to see is a clearer signal.

It lands at 13:30 Ottawa time, in the European evening, so most of the reaction plays out in North American trading.

What the Canadian dollar did on the last release days

Measured on our own prices: the Canadian dollar against the basket of the eight majors, from the London opening before the release to the one after it, so the release sits inside the window. Anything else that came out between those two openings is in it too, so a day with more news says less about this release alone.

Release	Amsterdam	Measured	CAD vs basket
16 Sept 2026	19:30	16 Sept to 17 Sept	+0.05%

For scale: on an ordinary day the Canadian dollar moves 0.16% against the basket from one London opening to the next, either way, on average over the 250 trading days since 14 Oct 2025.

The forecast, the figure itself and what it changed in our view of the currency are in the app, next to the research.

Questions about the BoC summary of deliberations

When is the BoC summary of deliberations released?

About two weeks after each rate decision, at 13:30 Ottawa time. In Amsterdam that is 19:30 for most of the year and 18:30 in the weeks when Canada and Europe change their clocks on different dates.

Are these the Bank of Canada's minutes?

They play the role that minutes play at other central banks. The Bank calls it a summary of Governing Council's deliberations, and it has published one after every decision since early 2023.

Does the summary say who wanted what?

No. The Bank decides by consensus and publishes no vote. The summary gives views to members as a group and notes when they had a range of views, without naming anyone.

Why does the Canadian dollar barely move on it?

Because it describes a decision the market already knows, two weeks after the fact. It moves the loonie when it reveals a split or a worry that changes the outlook for the next meeting.