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Bank of Canada Boosts Settlement Balance Target to C$250 Million

July 19 (Bloomberg) -- The Bank of Canada said it will increase the amount of money available to help settle payments between financial institutions effective Monday, citing “frictions.”

The minimum amount that will be left in the central bank’s Large Value Transfer System will rise to C$250 million ($241 million) from C$25 million until further notice, according to a statement from Ottawa today.

“Indicators of the overnight interest rate have recently been slightly, but persistently, above the Bank’s target for the overnight rate, indicating some ongoing frictions in the system,” the central bank said in the statement.

The move has no implications for monetary policy, spokesman Jeremy Harrison said by telephone.

To contact the reporter on this story: Greg Quinn in Ottawa at gquinn1@bloomberg.net

To contact the editor responsible for this story: Paul Badertscher at pbadertscher@bloomberg.net

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