OTTAWA, Sept 30 (Reuters) - The Bank of Canada on Wednesday released a preliminary quarterly schedule introducing one- and three-month term repo operations, part of a plan it outlined in May to change the way it manages its balance sheet.
The central bank had said in May it would set up a regular program of term repo operations while reducing the amount of Canadian government bonds it buys on the primary market. It said if it did nothing, there was a risk its growing balance sheet would increase its share of the government debt market, reducing the tradable float.
The Bank of Canada said on Wednesday the term repo operations will be built up to a target portfolio size of C$7 billion ($5.24 billion) to C$10 billion over a six-month implementation period.
The bank said it will announce each operation separately and may modify the schedule. (For details, see here)
$1 = 1.3350 Canadian dollars Reporting by Leah Schnurr; Editing by Chizu Nomiyama; Editing by Jeffrey Hodgson