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This press release was originally posted on May 31, 2019.
In accordance with amendments to the Bank of Canada Act and the Currency Act approved by Parliament in 2018, the federal government recently decided to remove legal tender status from some older bank notes as of January 1, 2021. This change will affect the $1, $2, $25, $500 and $1,000 notes, which are no longer being produced. Essentially, this means that Canadians will no longer be able to use them in transactions.
Most

Remarks (delivered virtually)

Public Policy Forum

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I am very pleased to be here today, and I want to commend the Public Policy Forum for organizing this event.
Chairing the Expert Panel on Sustainable Finance was a rewarding experience. It was a privilege to work with the other panel members—Barbara Zvan, Andy Chisholm and Kim Thomassin. Together we met with hundreds of business leaders, financial experts and organizations across Canada.
I’ve taken a new job since

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The Bank of Canada and the Office of the Superintendent of Financial Institutions (OSFI) today announced plans for a pilot project to use climate-change scenarios to better understand the risks to the financial system related to a transition to a low-carbon economy. A small group of institutions from the banking and insurance sectors will participate voluntarily in the project.
Scenario analysis is a useful tool for identifying potential risks in an environment of considerable uncertainty. Climate-change scenarios related to a transition to a low-carbon economy

Speech summary

Munk School of Global Affairs and Public Policy

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FOR IMMEDIATE RELEASE

Senior Deputy Governor Carolyn A. Wilkins has informed the Bank’s Board of Directors that her last day at the Bank will be December 9, 2020.
“It has been an honour to serve Canadians as Senior Deputy Governor of the Bank of Canada. I am immensely proud of what our team has accomplished over the years, and especially these past months to restore market functioning and support households and business during the pandemic,” said Senior Deputy Governor Wilkins. “The end of the year provides for an appropriate time for me to leave the Bank, so that I can explore the

Resilient Leadership
Redesigning the Future of Finance
Perspectives from Boyden’s Global Financial Services Experts on Banking, FinTech, Real Estate, Insurance, Wealth & Asset Management

A roundtable discussion led by Boyden’s Global Financial Services Practice Co-Leaders, Carlos Dafauce and Joost Goudsmit.

Opening statement

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Good morning. Thank you for joining Senior Deputy Governor Wilkins and me to discuss today’s policy announcement and Monetary Policy Report (MPR).
Our main message today is that it will take quite some time for the economy to fully recover from the COVID-19 pandemic, and the Bank of Canada will keep providing monetary stimulus to support the economy through the recovery. 
Before turning to your questions, let me say a few words about our policy discussions.
Obviously, the Governing Council spent a

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The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent. The Bank is maintaining its extraordinary forward guidance, reinforced and supplemented by its quantitative easing (QE) program. The Bank is recalibrating the QE program to shift purchases towards longer-term bonds, which have more direct influence on the borrowing rates that are most important for households

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Seven central banks and the BIS release a report assessing the feasibility of publicly available CBDCs in helping central banks deliver their public policy objectives.
Report outlines foundational principles and core features of a CBDC, but does not give an opinion on whether to issue.
Central banks to continue investigating CBDC feasibility without committing to issuance.
A group of seven central banks together with the Bank for International Settlements (BIS) today published a report identifying the foundational principles necessary for any publicly available

Speech summary

Global Risk Institute

Due to the COVID‑19 pandemic, many Canadians lost their jobs or were forced to work reduced hours. The impacts of the crisis varied for people with different levels of education.
To see this, we again use data from Statistics Canada. We look at prime-age workers (aged 25 to 54) in April 2020, when a substantial part of the economy was shut down to contain the spread of the virus. Since February 2020, about 13 percent of workers have lost their jobs. Most of the losses have been concentrated in jobs that require physical contact and are not considered essential to our daily lives.
For example, around 24 percent of workers in personal service (e.g., salespersons, chefs, servers and cleaners) lost their jobs. In contrast, jobs that can be done remotely (e.g., managerial, business, finance,

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The Board of Directors of the Bank of Canada announced today that Senior Deputy Governor Carolyn A. Wilkins informed them that she will not seek a second term. Her current term runs to May 1, 2021. The Board will initiate a search process to select her successor. 
“It has been a great honour and privilege to serve Canadians in this role, and throughout my 20 years at the Bank,” Senior Deputy Governor Wilkins said. “My time at the Bank has been the most fulfilling period of my career – a

Speech summary

Canadian Chamber of Commerce

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The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. The Bank is also continuing its quantitative easing (QE) program, with large-scale asset purchases of at least $5 billion per week of Government of Canada bonds.
Both the global and Canadian economies are evolving broadly in line with the scenario in the July Monetary Policy Report (MPR), with

Remarks (delivered via webcast)

Federal Reserve Bank of Kansas City Jackson Hole Symposium

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Remarks (delivered virtually)

Bank of Canada Workshop: “Toward the 2021 Renewal of the Monetary Policy Framework”

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Opening remarks (delivered via webcast)

Bank of Canada Workshop: “Toward the 2021 Renewal of the Monetary Policy Framework”

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Bonjour tout le monde, et bienvenue à notre colloque virtuel. Thank you all for joining our workshop on the renewal of the Bank of Canada’s monetary policy framework in 2021.
Renewal is just around the corner—hard to believe. Bank researchers have made a lot of progress since we kicked off our workplan in 2018. That seems like a thousand years ago

The Bank of Canada has taken many actions to support Canadians since the COVID-19 pandemic struck. These include large-scale asset purchases—buying a substantial amount of government bonds and other financial assets. Our purchases serve two purposes. They help key financial markets work properly, and they can help increase spending in the economy. This leads to more employment and stronger economic growth.

Paul Beaudry

Speech summary

Canadian Association for Business Economics

The Bank of Canada is pleased to announce the recipients of its 2020 Law Enforcement Award of Excellence for Counterfeit Deterrence.
This year’s winners were part of a joint investigation between the Sûreté du Québec (SQ) and the Canada Border Services Agency (CBSA).
Lyne Landry and Superintendent Renée Fontaine of the CBSA and Acting Lieutenant Serge Lachance (since retired) and Detective Sergeant Martin Parent of SQ led the joint effort to neutralize a large-scale counterfeiting operation in Trois-Rivières, Quebec, in 2019.
The award recognizes their joint investigation leading to the seizure of sophisticated counterfeiting equipment. This

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Presentation

University of Victoria

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Deputy Governor Paul Beaudry speaks about Canada’s transition to a lower-carbon economy in a virtual panel organized by the Victoria Forum.

Topic(s):
Climate change

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Bank of Canada Governor Tiff Macklem has designated Interac e‑Transfer ® as a prominent payment system under the Payment Clearing and Settlement Act, effective August 10, 2020. This brings Bank oversight to this payment system and ensures it remains a safe, viable and effective method of payment for Canadians.
The Bank regularly monitors the evolution of new and existing payment systems to determine whether they warrant oversight because of their potential to cause systemic or payment system risk. Designating Interac e‑Transfer as a prominent payment system means it

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The Bank of Canada today published its 2021 schedule for policy interest rate announcements and the release of the quarterly Monetary Policy Report. It also reconfirmed the scheduled interest rate announcement dates for the remainder of this year.In addition, the Bank published its schedule for the release of the Business Outlook Survey and the Canadian Survey of Consumer Expectations.The scheduled dates for the interest rate announcements from September 2020 through December 2020 are

Opening Statement

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Good morning. Senior Deputy Governor Wilkins and I are pleased to be with you to answer your questions about today’s policy announcement and Monetary Policy Report (MPR).
The COVID-19 pandemic has caused an unprecedented fall in economic activity in Canada, and the recovery will require considerable monetary policy support. Our overriding message to Canadians is that the Bank will be there to provide monetary stimulus for an extended period to support the recovery and return inflation to its 2 percent