Category: Bank of Canada

Bank of Canada’s Losses Could Surpass $8 Billion in Coming Years: Think Tank

January 19, 2023
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For the first time in history since the Bank of Canada’s founding in 1935, the federal government-owned bank will suffer a financial loss that the C.D. Howe Institute estimates could be up to $8.8 billion in the coming years. A Jan. 12 brief produced by the nonprofit policy research organization, said it estimates the Bank of…

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Cheques Make a Comeback as Small Businesses Look to Avoid High Credit Card Transaction Fees: Bank of Canada

January 7, 2023
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The paper cheque is gaining back its popularity among small businesses as they look to offer more payment options to avoid the high transaction fees that come with accepting credit cards, according to a study by the Bank of Canada. “Merchants mentioned accepting a wider range of payment methods because they need to make sales…

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Inflation in Canada Dropped Slightly in November but Food Prices Are Rising Faster

December 21, 2022
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Inflation has gone down 0.1 percent in November, reported Statistics Canada on Dec. 21, with the Consumer Price Index (CPI) rising 6.8 percent year-over-year compared to 6.9 percent in October. While the general CPI dropped slightly, food prices marked an increase, rising 11.4 percent year-over-year compared to 11 percent in October. “Food inflation remained broad-based,…

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Bank of Canada Made Poor Prediction on End-of-Year Inflation Level, Governor Says

December 20, 2022
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The Bank of Canada made a poor prediction on what Canada’s inflation level would be at the end of 2022, said the bank’s governor, Tiff Macklem. He had previously said he expected the national inflation level to be around 2 percent by the year’s end. “That’s a very big forecast error,” Macklem told the Globe…

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Canadian Real Estate Association Reports Home Sales Down in November

December 15, 2022
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The Canadian Real Estate Association says seasonally adjusted homesales were down 3.3 percent on a month-over-month basis in November. The association said Thursday the move lower more than erased the gain seen in October and resumed the overall trend lower for the year. CREA said about 60 percent of all local markets saw lower sales…

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Poilievre Tells Tory Caucus to ‘Stand’ With the ‘Common People’ in Year End Address

December 14, 2022
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Tory Leader Pierre Poilievre addressed his party’s caucus on Dec. 14 and encouraged MPs and senators to give a helping hand to their constituents who are struggling as they return to their communities over the holiday season. “Remember, our job is always always to stand on the side of the common people, their paycheques, their…

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Bank of Canada to Consult Canadians on Digital Currency in 2023, Says Governor

December 12, 2022
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The Bank of Canada is moving out of its research phase into a central bank digital currency and going into the development phase, its governor said on Dec. 12, with consultations on the issue to take place with Canadians in 2023. “I think over time, it is conceivable that in a more digital economy, it…

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Following Latest Hike, Future Bank of Canada Rate Decisions Will Depend More on Recent Data: Deputy Governor

December 9, 2022
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The Bank of Canada’s future interest rate decisions will be “more data-dependent,” says the Bank of Canada’s Deputy Governor Sharon Kozicki, following a key interest rate hike of another half percentage point on Thursday. “We’re starting to see signs that our past tightenings have taken action and we’ve already taken a lot of actions ourselves in raising the…

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Federal Public Debt Charges Up $2 Billion With Latest Interest Rate Hike: Budget Estimates

December 8, 2022
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Public debt charges jumped nearly $2.3 billion with the latest interest rate hike by Canada’s central bank, according to arithmetic estimates from a report by the Parliamentary Budget Office (PBO). In September 2020, the PBO’s “Economic and Fiscal Outlook” report forecasted that a 1 percentage point increase in interest rate by the Bank of Canada…

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Federal Public Debt Charges Up $2 Billion With Latest Interest Rate Hike, PBO Estimates

December 8, 2022
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Public debt charges jumped nearly $2.3 billion with the latest interest rate hike by Canada’s central bank, according to estimates from a report by the Parliamentary Budget Office (PBO). In September 2020, the PBO’s “Economic and Fiscal Outlook” forecast that a 1 percentage point increase in interest rate by the Bank of Canada (BoC) would…

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