Posts

• March 5, 2020

  Economic Progress Report: We All Have Work to Do

  Remarks Stephen S. Poloz Women in Capital Markets Toronto, Ontario

  Governor Stephen S. Poloz discusses the Bank’s latest interest rate announcement as well as Canada’s labour market—an important source of economic resilience.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Interest rates, Labour markets, Monetary policy, Recent economic and financial developments
• March 4, 2020

  Bank of Canada lowers overnight rate target to 1 ¼ percent

  Media Relations Ottawa, Ontario

  The Bank of Canada today lowered its target for the overnight rate by 50 basis points to 1 ¼ percent. The Bank Rate is correspondingly 1 ½ percent and the deposit rate is 1 percent.

  Content Type(s): Press, Press releases
• March 3, 2020

  Statement of G7 Finance Ministers and Central Bank Governors

  Media Relations

  We, G7 Finance Ministers and Central Bank Governors, are closely monitoring the spread of the coronavirus disease 2019 (COVID-19) and its impact on markets and economic conditions.

  Content Type(s): Press, Press releases
• February 29, 2020

  Research Update - February 2020

  This monthly newsletter features the latest research publications by Bank of Canada economists including external publications and working papers published on the Bank of Canada’s website.

  Content Type(s): Staff research, Research newsletters
• February 25, 2020

  Exploring new ways to pay

  Speech summary Timothy Lane CFA Montreal FinTech RDV 2020 Montréal, Quebec

  Deputy Governor Timothy Lane explains how the Bank of Canada is preparing for a future where Canadians may need a digital currency issued by their central bank.

  Content Type(s): Press, Speeches and appearances, Speech summaries Topic(s): Cryptoassets, Cryptocurrencies, Digital currencies and fintech
• February 25, 2020

  Contingency planning for a central bank digital currency

  This background note explains the Bank’s official position on CBDC. It outlines the public policy, design, technology and risk management issues the Bank is considering as it builds its capacity to issue a CBDC in case it is needed in the future.

  Content Type(s): Background materials Topic(s): Digital currencies and fintech
• February 25, 2020

  Money and Payments in the Digital Age

  Remarks Timothy Lane CFA Montréal FinTech RDV2020 Montréal, Quebec

  Deputy Governor Timothy Lane explains how the Bank of Canada is preparing for a future where Canadians may need a digital currency issued by their central bank.

  Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Cryptoassets, Cryptocurrencies, Digital currencies and fintech

• Technology Approach for a CBDC

  Staff Analytical Note 2020-6 Dinesh Shah, Rakesh Arora, Han Du, Sriram Darbha, John Miedema, Cyrus Minwalla

  In this note, we highlight a range of technical options and considerations in designing a contingent system for a central bank digital currency (CBDC) in Canada and explore how these options achieve stated public policy goals.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Central bank research, Digital currencies and fintech JEL Code(s): E, E4, E42, E5, E51, O, O3, O31

• CBDC and Monetary Sovereignty

  Staff Analytical Note 2020-5 Antonio Diez de los Rios, Yu Zhu

  In an increasingly digitalized world, issuers of private digital currency can weaken central banks’ ability to stabilize the economy. By continuing to make central bank money attractive as a payment instrument in a digital world, a central bank digital currency (CDBC) could help to maintain a country’s monetary sovereignty.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Digital currencies and fintech, Monetary policy JEL Code(s): E, E5, E52, E58, F, F5, F55, G, G1, G15

• CBDC and Monetary Policy

  Staff Analytical Note 2020-4 Mohammad Davoodalhosseini, Francisco Rivadeneyra, Yu Zhu

  Improving the conduct of monetary policy is unlikely to be the main motivation for central banks to issue a central bank digital currency (CBDC). While some argue that a CBDC could allow more complex transfer schemes or the ability to break below the zero lower bound, we find these benefits might be small or difficult to realize in practice.

  Content Type(s): Staff research, Staff analytical notes Topic(s): Digital currencies and fintech, Monetary policy, Payment clearing and settlement systems JEL Code(s): E, E4, E41, E5, E51, E52