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ARTICLE · 21 DECEMBER 2016

Bank Of Canada Announces Changes To Its Foreign Exchange Rate Data

Norton Rose Fulbright Canada LLP
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Recently, the Bank of Canada (the Bank) announced the final list of 26 foreign currency exchange rates that it will continue to publish after March 1, 2017.

CanadaCorporate/Commercial Law
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Recently, the Bank of Canada (the Bank) announced the final list of 26 foreign currency exchange rates that it will continue to publish after March 1, 2017. The list of currencies is based on the majority of foreign exchange transactions conducted against the Canadian dollar and combines the top 20 currencies by trading volume and Canada's top 20 trading partners. This list will be reviewed and revised, as needed, every three years.

The release of this list follows a trail of changes being made in respect of the Bank's published foreign exchange rate data. In February 2016, the Bank announced changes to the calculation methodology of its foreign exchange rates which, starting on May 1, 2017, will be published as a single indicative rate as against the Canadian dollar for a reduced number of currencies.

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