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The Board of Directors of the Bank of Canada today announced the appointment of Toni Gravelle as Deputy Governor, effective October 1, 2019. Mr. Gravelle’s appointment fills the vacancy created by the retirement of Lynn Patterson in July 2019.
As Deputy Governor, Mr. Gravelle will join the Bank’s Governing Council, which sets the strategic direction of the Bank and is its policy-making body. Mr. Gravelle will share responsibility for overseeing the Bank’s financial

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OTTAWA – On Thursday, September 5, 2019, Deputy Governor Lawrence Schembri of the Bank of Canada will speak before the Halifax Chamber of Commerce and the Halifax Partnership. 

Topic
Economic Progress Report
Time
13:00 (Atlantic Time), 12:00 (Eastern Time)
Place
Canadian Museum of Immigration at Pier 21Kenneth C. Rowe Hall1055 Marginal RoadHalifax, Nova Scotia
Lock-Up
At 10:15 (ET), journalists are invited to review copies of the speech, under embargo, at the Bank’s head office in Ottawa. Please use the

Halifax Chamber of Commerce

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The Bank of Canada today maintained its target for the overnight rate at 1 ¾ percent. The Bank Rate is correspondingly 2 percent and the deposit rate is 1 ½ percent.
As the US-China trade conflict has escalated, world trade has contracted and business investment has weakened. This is weighing more heavily on global economic momentum than the Bank had projected in its July Monetary Policy Report (MPR). Meanwhile, growth in the United States has moderated but remains solid,

OTTAWA — On Wednesday, September 4, 2019, the Bank of Canada will announce its decision on the target for the overnight rate. A press release will provide a brief explanation of the decision.
Time
10:00 (Eastern Time)
Lock-Up
At 08:30 (ET), journalists are invited to review the rate announcement press release, under embargo, at the Bank’s head office in Ottawa. Please use the Bank of Canada Museum entrance, located at 30 Bank Street (corner of Bank and Wellington), and bring photo ID.
For security reasons, journalists wishing to attend must confirm their presence by

The Bank of Canada is pleased to announce the recipients of its 2019 Law Enforcement Award of Excellence for Counterfeit Deterrence.
Della Lewis of the RCMP Forensic Laboratory and Detective Jerry Sobchyshyn of the Edmonton Police Service designed a course for police studies at Grant MacEwan University that combines their policing and forensic expertise. The award recognises their contribution to counterfeit deterrence through these educational efforts, as well as in all aspects of the work they do – forensics, intelligence analysis and collaborative partnerships. The winners were honoured at the annual Canadian Association of

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The Bank of Canada today published its 2020 schedule for policy interest rate announcements and the release of the quarterly Monetary Policy Report and reconfirmed the scheduled interest rate announcement dates for the remainder of this year.
The Bank also published its schedule for the release of the Financial System Review and the winter through autumn issues of the Business Outlook Survey.
The scheduled dates for the interest rate announcements from September 2019

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The Bank of Canada today announced its intention to become the administrator of the Canadian Overnight Repo Rate Average (CORRA), a key interest rate benchmark for financial markets. The Bank will take over this role from the current administrator, Refinitiv, when enhancements to CORRA take effect next year. The Bank will provide the rate as a public good, at no cost. This is in line with developments in other major economies.
In Canada, close to $12 trillion dollars of

OTTAWA – On Tuesday, July 16, 2019, the Bank of Canada will provide an update on the Canadian Alternative Reference Rate Working Group’s work to strengthen the Canadian Overnight Repo Rate Average (CORRA), an important benchmark for Canadian dollar financial markets.  

Time
10:00 (Eastern Time)
Place
At 8:30 (ET), journalists are invited to review the press release and background information, under embargo, at the Bank’s head office in Ottawa (please use the Bank of Canada Museum entrance, located at 30 Bank Street, on the corner of Bank and Wellington).
Journalists

Opening Statement

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Good morning. Thanks for coming out on this beautiful summer day. Governor Poloz and I are pleased to be here to answer your questions about today’s interest rate announcement and our Monetary Policy Report (MPR). Let me start by reviewing recent developments in the Canadian economy, before turning to key points from Governing Council’s deliberations.
The Canadian economy has been recovering from the rough patch we saw at the end of 2018 and beginning of 2019. In fact, recent economic

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The Bank of Canada today maintained its target for the overnight rate at 1 ¾ percent. The Bank Rate is correspondingly 2 percent and the deposit rate is 1 ½ percent.
Evidence has been accumulating that ongoing trade tensions are having a material effect on the global economic outlook. The Bank had already incorporated such negative effects in previous Monetary Policy Reports (MPR) and in this forecast has made further adjustments in light of weaker sentiment and activity

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The Bank updated its forecast for real economic growth to 1.3 percent this year, 1.9 percent next year and 2.0 percent in 2021.

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The Bank of Canada today announced the launch of a public-private partnership to strengthen the resilience of Canada’s financial sector in the face of risks to business operations, including cyber incidents. The Canadian Financial Sector Resiliency Group (CFRG) will be responsible for coordinating a sector-wide response to systemic-level operational incidents. CFRG will also support ongoing resiliency initiatives, such as regular crisis simulation and benchmarking exercises. These efforts

Economics Society of Northern Alberta (ESNA)

The Bank of Canada (“Bank”) has become aware of a fraudulent investment scheme on the part of World Way Capital (“WWC”). WWC is presenting a fraudulent Deposit Guarantee/Investor Compensation sheet dated February 2019 to potential investors, purporting that the Bank will guarantee deposits (in US$ and cryptocurrencies). WWC is also presenting a false partnership agreement with the Bank dated January 29, 2018. This fraudulent investment scheme misrepresents the Bank and makes use of the Bank’s name, identity, logos, trade-marks and letterhead without authorization. The Bank has no partnership agreement with WWC. The Bank does not

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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 Canadians will not be affected because the bank

Calgary Chamber of Commerce

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The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent.
Recent Canadian economic data are in line with the projections in the Bank’s April Monetary Policy Report (MPR), with accumulating evidence that the slowdown in late 2018 and early 2019 is being followed by a pickup starting in the second quarter. The oil sector is beginning to recover as production

Opening Statement

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Good morning, and thank you for being here today. Senior Deputy Governor Wilkins and I are pleased to be with you to talk about the latest issue of the Bank of Canada’s Financial System Review (FSR), which we published today.
Let me quickly remind everyone about the purpose of the FSR—to identify key vulnerabilities in the financial system that can interact with and magnify economic shocks. We monitor the evolution of these vulnerabilities and apply extreme risk scenarios to look at the

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The Bank of Canada announced today that Deputy Governor Lynn Patterson will retire on July 19, 2019.
Lynn Patterson was appointed Deputy Governor of the Bank of Canada in May 2014, with responsibility for overseeing the Bank’s analysis and activities in promoting a stable and efficient financial system. As a member of the Bank’s Governing Council, she has shared responsibility for decisions with respect to monetary policy and financial system stability, and for setting

Canadian Credit Union Association and the Winnipeg Chamber of Commerce

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Canada’s mortgage market should evolve in a way that gives Canadians more choice and helps the economy be more flexible, while lowering the level of risk in the system, Bank of Canada Governor Stephen S. Poloz said today.
Financial flexibility and the proper sharing of risk are important because they help people adapt to changing circumstances and the economy adjust to shocks, Governor Poloz said in a speech to the Canadian Credit Union Association and Winnipeg Chamber

Opening Statement

Standing Senate Committee on Banking, Trade and Commerce

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Good afternoon, Mr. Chairman and committee members. Once again, Senior Deputy Governor Wilkins and I are pleased to be with you to talk about the Bank’s Monetary Policy Report (MPR), which we published last week.
Six months ago, when we last appeared before this committee, we talked about some very positive developments. The Canadian economy had solid momentum and had

Opening Statement

House of Commons Standing Committee on Finance

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Good morning, Mr. Chairman and committee members. Once again, Senior Deputy Governor Wilkins and I are pleased to be with you to talk about the Bank’s Monetary Policy Report (MPR), which we published last week.
Six months ago, when we last appeared before this committee, we talked about some very positive developments. The Canadian economy had solid momentum and had essentially completed

Opening Statement

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Good morning. Senior Deputy Governor Wilkins and I are pleased to be here to answer your questions about today’s interest rate announcement and our Monetary Policy Report (MPR). Before taking your questions, let me offer a short summary of Governing Council’s deliberations.
It is important that we keep recent developments in context. The Canadian economy was operating close to its potential for most of 2017 and 2018, and inflation is at target as a result. Governing Council is of course