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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

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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

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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. The Bank’s short-term liquidity programs announced since March to improve market functioning are having their intended effect and, with reduced

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The Bank expects a sharp rebound in economic activity in the reopening phase of the recovery, followed by a more prolonged recuperation phase.
Erratum: The data for Chart 1-b on page 1 were plotted incorrectly. See revised chart.

On the road or in payment systems, traffic jams are a nightmare. But unlike our roads, our payment systems can avoid congestion thanks to redundancies. Simply put, the Bank of Canada invests in backup systems to ensure our operations are smooth and resilient, even in the face of disruptive events.
COVID‑19 offers one example. The pandemic has disrupted every aspect of our lives, and payment systems are no exception. Amid concern that bank notes could carry the virus, many stores stopped accepting cash. Other shops were forced to close their storefronts. A lot of shopping moved online, where many retailers accept only certain forms of payment, such as credit cards and PayPal.
This shift away from cash and toward online shopping made it difficult for people with limited payment options to

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The pandemic and related containment measures have deeply affected Canadians and the Canadian economy. The impacts have been different across sectors and regions. The economic recovery will also look different across the country as local economies start to re-open.

Lawrence L. Schembri

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The Bank for International Settlements (BIS) and the Bank of Canada announced today they will be launching a BIS Innovation Hub centre to advance fintech innovation within the central banking community. The centre will open in Toronto within two years and is one of four locations scheduled to open in North America and Europe.
This partnership will advance the Bank’s understanding of the digital economy and the technological transformation of financial services. It builds on the

Nimble response
As one of Canada’s Top 100 Employers for 10 consecutive years, we pride ourselves on our people-first philosophy. Investments in our infrastructure, staff and cyber security positioned us well to move quickly to a virtual workplace. Our transition to mandatory work from home for staff was efficient and relatively seamless.
Internally, cross-functional emergency response teams started risk-response discussions in February. By mid-March, all staff were teleworking except those involved with and supporting our critical market, banking and currency operations. At the same time, the Bank and CFRG partners began meeting frequently to ensure a collaborated response within the highly interconnected financial system.
At CFRG COVID-19 meetings, the Bank and its partners have been

Canadian Clubs and Cercles canadiens

Greater Saskatoon Chamber of Commerce

Opening Statement

House of Commons Standing Committee on Finance

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Introduction
Good afternoon, Chair and committee members. It is an honour for me to appear before you as the 10th Governor of the Bank of Canada. I look forward to working with parliamentarians over the next seven years through regular appearances before committees of the House and Senate. These are an important part of the Bank of Canada’s accountability to Canadians.
Today, Senior Deputy Governor Wilkins

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The Bank of Canada is now the administrator of the Canadian Overnight Repo Rate Average (CORRA) and will post today the first rate calculated using an improved methodology. The Bank publishes this important Canadian interest rate benchmark on its website at no cost and as a public good. The Bank is also committed to ensuring that CORRA is:
a robust, reliable and representative measure of the secured overnight funding rate,
readily available for use globally as a key Canadian interest rate

When the COVID-19 pandemic hit Canada, the Bank acted quickly. We needed to make sure the financial system worked well enough that credit could continue to flow. That meant addressing shortages of liquidity in financial markets—the backbone for lending and borrowing in the economy.

Toni Gravelle

Greater Sudbury Chamber of Commerce