Reducing central bank independence harms economies, Poloz warns

L to R: Lesetja Kganyago and Stephen Poloz
Janie Airey

The governor of the Bank of Canada has said there is a “worrying tendency” among some emerging markets to encroach upon the independence of central banks.

Stephen Poloz noted the effect of higher interest rates in the US have had a bigger impact on countries like Turkey and Argentina. This higher impact was due in part to the reduction in their independence, he said.

“The weakness in the currencies of those two countries may well reflect … the independence of those central banks has been put

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