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Louise Egan

Louise Egan

Communications at the Bank of Canada. Opinions my own and mostly kept offline anyway.

Articles by Louise Egan

Bank of Canada becomes inaugural member of new, international Central Bank Network for Indigenous Inclusion

16 days ago

FOR IMMEDIATE RELEASE

Joint statement from the Bank of Canada, Te Pūtea Matua (Reserve Bank of New Zealand) and the Reserve Bank of Australia.
Along with Indigenous partners, the Bank of Canada, Te Pūtea Matua (Reserve Bank of New Zealand) and the Reserve Bank of Australia have formed a voluntary network to foster ongoing dialogue and raise awareness of Indigenous economic and financial issues.
The Central Bank Network for Indigenous Inclusion, established January 1, 2021, aims to share knowledge and best practices, promote engagement with Indigenous Peoples, and foster greater understanding and

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Annual Report 2020

20 days ago

The year 2020 was like no other. It began with the unemployment rate in Canada near an all-time low, inflation very close to its 2 percent target and the Bank of Canada’s policy interest rate at 1¾ percent. Canada’s economy was healthy. A year later, we are far from home.

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Bank of Canada statement on Monetary Policy Report embargo breach

21 days ago

FOR IMMEDIATE RELEASE

The Bank of Canada expects all media organizations to respect the embargo conditions for its key publications. Today, the Bank provided the Monetary Policy Report (MPR) under embargo to trusted media that have signed an undertaking with the Bank. Note that the Bank did not provide embargoed access to the press release that explains the latest monetary policy decisions. One media organization breached the embargo time and published articles on two parts of the MPR: the key inputs to the projection and the section describing the evolution of our balance sheet.
We immediately

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Monetary Policy Report Press Conference Opening Statement

22 days ago

Opening statement

Available as:
PDF

Good morning. Thank you for joining me to discuss today’s policy announcement and the Bank’s Monetary Policy Report (MPR).
My message today is twofold.
First, the economic outlook has improved, and Governing Council is more confident in the resilience of the economy to the pandemic. Canadian households and businesses are adapting to the virus, finding new ways to shop, serve customers and work remotely. More important still, the rollout of vaccines is progressing, and we expect better times ahead.

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Bank of Canada will hold current level of policy rate until inflation objective is sustainably achieved, adjusts quantitative easing program

22 days ago

FOR IMMEDIATE RELEASE

Available as:
PDF

The Bank of Canada today held 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 continues to provide extraordinary forward guidance on the path for the overnight rate, reinforced and supplemented by the Bank’s quantitative easing (QE) program. Effective the week of April 26, weekly net purchases of Government of Canada bonds will be adjusted to a target of $3 billion. This adjustment to the amount

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Bank of Canada will hold current level of policy rate until inflation objective is sustainably achieved, continues quantitative easing

March 10, 2021

FOR IMMEDIATE RELEASE

Available as:
PDF

The Bank of Canada today held 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, which continues at its current pace of at least $4 billion per week.
The global economy is recovering from the economic effects of COVID-19, albeit with ongoing unevenness across regions

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Bank of Canada announces 2020-21 scholarship recipients

February 17, 2021

FOR IMMEDIATE RELEASE

The Bank of Canada is pleased to announce this year’s recipients of its scholarship awards for students with disabilities, Indigenous students and students who identify as a woman or as a member of a visible minority or racialized group, or person of colour. Each award combines tuition assistance with the opportunity of a work placement at the Bank. These scholarships are designed to encourage Canadians from diverse backgrounds to further their education and consider employment in fields related to the work of the Bank.
The 2020-21 award recipients are as follows:

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University of Alberta crowned National Champion of The Governor’s Challenge

February 16, 2021

FOR IMMEDIATE RELEASE

The University of Alberta has won the Bank of Canada’s sixth annual Governor’s Challenge, a national student competition in which teams simulate the role of advisor to the Bank’s Governing Council. The winners were announced following the final round on Saturday, February 13.
Governor Tiff Macklem congratulated all the participants on their grasp of the monetary policy-making process and encouraged them to consider a future career in the public service. “This is my first year taking part in the Governor’s Challenge, and I was thoroughly impressed with the calibre

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Canadian universities propose designs for a central bank digital currency

February 11, 2021

The Bank of Canada is researching potential system designs and business models for a digital currency that, like a banknote, would be widely accessible, secure and denominated in Canadian dollars. To solicit additional ideas, the Bank engaged three independent project teams in 2020 to conduct exploratory design work with minimal direction from the Bank. All three design proposals were published today in reports from:
University of Calgary
McGill University
University of Toronto and York University (joint submission)
While the Bank is ramping up contingency planning for a central bank digital currency, it currently has no plans to issue one.

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Monetary Policy Report Press Conference Opening Statement

January 20, 2021

Opening statement

Available as:
PDF

Good morning. Thank you for joining me to discuss today’s policy announcement and the Bank’s Monetary Policy Report (MPR).
Our message today is threefold. First, the current surge of COVID-19 is a serious setback. With elevated infection rates and stricter containment measures in many parts of the country, households and businesses are facing renewed strains. The economy is slowing, and high-contact activities are once again being hit hardest.
Second, with effective vaccines now rolling out, the

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Bank of Canada will hold current level of policy rate until inflation objective is achieved, continues quantitative easing

January 20, 2021

FOR IMMEDIATE RELEASE

Available as:
PDF

The Bank of Canada today held 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, which continues at its current pace of at least $4 billion per week.
The COVID-19 pandemic continues to take a severe human and economic toll in Canada and around the world. The

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Bank of Canada will maintain current level of policy rate until inflation objective is achieved, continues its quantitative easing program

December 9, 2020

FOR IMMEDIATE RELEASE

Available as:
PDF

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, which continues at its current pace of at least $4 billion per week.
The rebound in the global and Canadian economies has unfolded largely as the Bank had anticipated in its

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Bank of Canada announces finalists for the sixth annual Governor’s Challenge

November 24, 2020

FOR IMMEDIATE RELEASE

The Bank of Canada has announced the five finalist teams in the 2020-21 edition of The Governor’s Challenge, a competition where university students simulate the role of advisor to the Bank’s Governing Council.
Congratulations to:
Carleton University, coached by Raul Razo-Garcia
University of Alberta, coached by Malik Shukayev
University of Ottawa, coached by Lilia Karnizova
University of Toronto (St. George Campus) coached by Martin Burda and Angelo Melino
Wilfrid Laurier University, coached by Wing Chan
With special mention to the runner up teams:

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