October 19, 2016 / 3:35 PM / a year ago

BRIEF-Bank of Canada's Poloz opening statement

Oct 19 (Reuters) -

* Bank of Canada’s Poloz: Canadian economy continues to adjust to lower prices for oil, as well as much lower exchange rate

* Bank of Canada’s Poloz: household vulnerabilities have continued to build throughout this process

* Bank of Canada’s Poloz says it’s not surprising data have been less than clear as to which economic forces are dominant

* Bank of Canada’s Poloz: bank analysis suggests more of Canada’s export shortfall may be structural than previously believed, rather than cyclical

* Bank of Canada’s Poloz: latest projections incorporate a permanent shortfall in exports relative to our understanding in fundamentals to rebalance forecasts risks

* Bank of Canada’s Poloz: this permanent shortfall reduces projected level of GDP by about 0.6 percent by end of 2018 compared with July MPR

* Bank of Canada’s Poloz: further extending time during which economy operates with excess capacity has multiple undesirable implications

* Bank of Canada’s Poloz: governing council actively discussed possibility of adding more monetary stimulus at this time to speed up return of economy to full capacity

* Bank of Canada’s Poloz: we identified a number of significant uncertainties in current context

* Bank of Canada’s Poloz: uncertainties include macroeconomic effects of new mortgage rules, likely path of exports

* Bank of Canada's Poloz: judgment to leave rates unchanged will be monitored carefully as more data become available Source text: here

Further Bank of Canada coverage: (Reporting by Leah Schnurr and and David Ljunggren in Ottawa; Editing by Jeffrey Hodgson)

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