Tag: Bank of Canada

Bank of Canada

BoC’s Macklem: Resumption of Payments ‘Going Well’

So far, so good is the message from Bank of Canada (BoC) Governor Tiff Macklem Thursday as Canadian borrowers resume loan payments deferred during the pandemic. Still, the BOC will watch closely to see how well households and businesses cope with expiring loan deferrals and will also monitor whether excessive debt is building up in […]

BoC’s Macklem: Not Considering Negative Rates

The Bank of Canada (BoC) is not considering negative interest rates and now sees its asset purchase program having a stimulative effect, BoC Governor Tiff Macklem said Monday. Macklem, in remarks prepared for delivery during an online event, said the Bank expects quick job gains as the economy reopens, but growth is likely to slow […]

BoC Policymakers Hopeful, Watching Data

Bank of Canada (BoC) policymakers are hopeful the pandemic’s economic impact has peaked, but admit there’s much uncertainty how the recovery will unfold, BOC Deputy Governor Toni Gravelle said Thursday. Gravelle, in remarks prepared for delivery during an online meeting, said the Bank will be watching economic data closely to gauge the pace of reopening, […]

Bank of Canada: Financial System “Resilient” and Coping

Canada’s financial system “remains resilient” in the face of Covid-19 and the oil price shock, with support from Bank of Canada policy, and strong private capital and liquidity buffers, even as the economic outlook remains uncertain, the central bank said Thursday. “Strong policies have put a floor under the economy and laid a strong foundation […]

BoC: Businesses Already Saw Declines in March

The Bank of Canada’s (BoC) quarterly survey of executives saw business sentiment had already begun weakening before COVID-19 worries intensified in Canada, especially in energy-producing regions. Some businesses polled again in mid-March reported a sharp decline in business activity, and many others were expecting it. The Bank’s spring Business Outlook Survey composite indicator fell to […]

Central Banks Enhance Liquidity Swap Lines

The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank have announced a coordinated action to enhance the provision of liquidity via the standing US dollar liquidity swap line arrangements. These central banks have agreed to lower the pricing on the […]

Central Bank Group to Assess the Case for Digital Currencies

Six central banks, along with the Bank for International Settlements (BIS), have created a group to assess the potential use cases for a central bank digital currency (CBDC) in their home jurisdictions. The central banks involved in the group are: the Bank of England (BoE), the Bank of Japan (BoJ), the European Central Bank (ECB), […]

Bank of Canada Commences New Reference Rate Publication

The Bank of Canada has followed through on a plan to change how it publishes reference FX rates to reinforce the distinction between reference rates used for benchmark fixings and those for information purposes only.
From March 1, Canada’s central bank began publishing new data for 26 currencies, and stressed they were “intended for statistical, analytical and informational purposes only”.
The new rates are published once a day, by 16:30 Eastern time and represent a daily average rate for that currency against the Canadian dollar.

Bloomberg Launches Canadian FX Benchmark Rates

Bloomberg has launched Canadian FX benchmark rates (BFIX) a week ahead of the Bank of Canada’s planned changes to the timing, frequency and calculation of the daily average rate for currencies against the Canadian dollar.

The central bank said these changes, due to go into effect on March 1, will reinforce the distinction between FX rate fixings used as benchmarks for transactional purposes and Bank of Canada exchange rates that are provided as a public good – for statistical, analytical and informational purposes only.

BOC Holds Steady on Rates

The Bank of Canada (BOC) announced that it is maintaining its target for the overnight rate at 0.5%. The bank rate is correspondingly 0.75% and the deposit rate is 0.25%.

In a release issued today, the BOC says that global growth in the first half of 2016 was slower than it had projected in its July Monetary Policy Report (MPR), although the Bank continues to expect it to strengthen gradually in the second half of this year. The US economy was weaker than expected in the second quarter, notably reflecting a contraction in business and residential investment.