The Bank of Canada set nine dates on Monday for announcing changes to its benchmark bank rate.

Previously the Bank used to change rates on any business day, often on the heels of an interest rate move by the U.S. Federal Reserve.

Last month, the Bank of Canada outlined a system of specified dates for reporting changes in interest rates.

The governor of the Bank, Gordon Thiessen, said. "I am confident that the Bank's decision to implement pre-set announcement dates for Bank rate changes will contribute to the improved functioning of financial markets, better public understanding of the factors affecting the Bank's decisions on interest rates, and more effective Canadian monetary policy."

Over the next year or so, The Bank will report its decision on interest rates on nine Tuesdays at 9 a.m. ET. At that time it will issue a press release with its decision and factors influencing it.

The Bank said it will retain the option of acting between fixed dates in extraordinary circumstances.

Some analysts warn the set schedule for interest rate changes could increase volatility for the Canadian dollar, because the Bank has less flexibility to react to U.S. interest rate decisions.

With the new schedule, there are some instances where the Bank of Canada is set to make a rate decision about five weeks after the U.S. Federal Reserve makes a move. And analysts say the Canadian dollar could get hit in the interim.

Bank of Canada interest rate announcement schedule:

  • Tuesday, December 5, 2000
  • Tuesday, January 23, 2001
  • Tuesday, March 6, 2001
  • Tuesday, April 17, 2001
  • Tuesday, May 29, 2001
  • Tuesday, July 17, 2001
  • Tuesday, August 28, 2001
  • Tuesday, October 23, 2001
  • Tuesday, November 27, 2001