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Currency Markets No Place for Bank of Canada to Intervene: Poloz

Posted September 17, 2014

Under Economic Issues

(Canadian Press)

The Bank of Canada said it will continue to take a hands-off approach to influencing the Canadian dollar, saying it can’t replace markets in determining the level of the loonie.

Targeting the exchange rate would see the bank lose its ability to pursue an independent monetary policy and cause more harm than good, governor Stephen Poloz said Tuesday in a speech to business leaders.

“A floating loon is a thing of beauty, and so is a floating loonie, at least from this economist’s perspective,” he said. Read more here.