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Central BanksMedium•13 February 2026•

1 min read

BoC Minutes Emphasize "Optionality" Amid Rising Geopolitical Risks

A Euro symbol, oil barrel, and fuel pump nozzle in front of a European Union flag and city skyline. Euro coins and utility bills are on the ground. Upward financial charts are in the background.

The Bank of Canada (BoC) summary of deliberations from its January meeting revealed a cautious stance, as policymakers held the benchmark interest rate at 2.25%. Governing Council members emphasized the importance of maintaining "optionality" in monetary policy to navigate heightened global uncertainty and economic turbulence. The minutes specifically highlighted geopolitical tensions in Venezuela and Iran as significant factors currently influencing the economic outlook. By prioritizing flexibility, the BoC aims to remain responsive to external shocks rather than committing to a fixed or predetermined interest rate path. This wait-and-see approach suggests that future policy adjustments will depend heavily on how these geopolitical and economic risks evolve in the coming months. Market analysts expect the Canadian Dollar (CAD) to remain relatively range-bound as investors digest the bank's neutral and flexible positioning. Overall, the report underscores the central bank's commitment to data-dependent policy amid a volatile international landscape.