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The purpose of monetary policy is to conserve money through low, stable and predictable inflation. It allows Canadians to make more informed spending and investment decisions, promotes longer-term investment in the economy of Canada and helps build employment and improve productivity. In addition, this leads to improved living conditions.Canada's monetary policy framework consists of two key components that work together the inflation- control target and the flexible exchange rate. The inflation-control goal of two percent is the midpoint of 1 to 3 percent of the target range at the center of Canada's monetary policy system. The Bank of Canada and the federal government first set a target in 1991 and are reviewed every five years. It was established in 1991. The Bank's Governing Council, however, is responsible for the everyday conduct of monetary policy. The inflation control target guides the decisions of the Bank on the appropriate setting of the policy interest rate to ensure that the price environment remains stable over the medium term. On fixed announcement dates, the Bank publishes its policy rate settings eight times a year. The overnight interest rate, also known as the main policy interest rate, seeks to achieve the interest rate which the Bank plans to use for one-day (or overnight) loans from financial institutions in financial markets. This main rate is used for setting the interest rates on home loans, mortgages and other forms of lending by banks and other financial institutions. The major participants in the decision-making process are the Governing Council, the Monetary Policy Review Committee (MPRC) and the four economics departments at the Bank. It is made up of the governing council, the senior deputy governor and four deputy governors, which takes the decision on each interest rate. In the discussions leading to the decision, the MPRC plays a significant role. It includes the Governing Council plus the heads of the four economics departments, heads of the Montral and Toronto Regional Office, and other senior staff, and five or six advisors often completed by one or two special advisers. Canadian Economic Analysis, International Economic Analysis, Financial Stability, concentrating on Canadian and foreign financial institutions' activities, and Financial Markets, which concentrates on domestic and foreign financial markets, constitute all four Divisions of Economics. By drawing on valuable knowledge and perspectives available within and outside the bank, the Bank aims to reduce inherent ambiguity and risk associated with policy making. External data covers data series from organizations including Statistics Canada and existing analyzes and forecasts from other central banks, states, international financial institutions and economists in the private sector