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BoC Announces Changes To Overnight Reverse Repo Operations

CANADA
  • “The Canadian Overnight Repo Rate Average (CORRA) has in recent weeks been setting a few basis points above the Bank of Canada’s policy rate target. Hence, effective Friday, October 27, 2023, the ORR operation will be conducted on an ad-hoc basis and only when broad overnight general collateral funding conditions warrant. Previously, ORR operations were conducted on a daily basis.”
  • "These changes are of an operational nature and do not indicate a change in monetary policy."
  • “At its discretion, the Bank will adjust operation parameters and consider other measures, as warranted, to support its monetary policy objectives in a floor system while promoting market well-functioning.”
  • Official release here: https://www.bankofcanada.ca/2023/10/bank-canada-announces-changes-overnight-reverse-repo-operations/

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