Foreign Exchange Rates Survey Results
Below are the results of a public survey conducted by the Bank in 2014 regarding the publication of exchange rates.
Please indicate whether your response to this survey represents a personal view or whether you are responding on behalf of an organization or agency.
This is a personal response from a member of the public.
87.5%
This response is on behalf of an organization or agency.
12.5%
Please specify which Bank of Canada foreign exchange (FX) rate(s) you are currently using: noon rate, closing rate or both.
Noon rate
26.4%
Closing rate
36.2%
Either noon or closing (they are interchangeable)
17.1%
Both noon and closing
24.0%
For which currencies do you use the Bank of Canada’s FX rate(s)?
| U.S. dollar | 86.8% |
| European Euro | 26.1% |
| U.K. pound sterling | 14.3% |
| Australian dollar | 5.2% |
| Mexican peso | 4.2% |
| Japanese yen | 3.3% |
| Chinese renminbi | 3.1% |
| Swiss franc | 3% |
| Hong Kong dollar | 3% |
| Indian rupee | 2.2% |
| New Zealand dollar | 1.7% |
| Brazilian real | 1.6% |
| Swedish krona | 1.5% |
| South African rand | 1.4% |
| Singapore dollar | 1.3% |
| Norwegian krone | 1.2% |
| Danish krone | 1.2% |
| Argentine peso | 1% |
| Thai baht | 1% |
| Russian rouble | 1% |
| Chilean peso | 1% |
| Philippine peso | 1% |
| Colombian peso | 0.9% |
| CFA franc (African Financial Community) | 0.9% |
| Israeli new shekel | 0.8% |
| Malaysian ringgit | 0.8% |
| South Korean won | 0.8% |
| Polish zloty | 0.8% |
| Czech Republic koruna | 0.7% |
| Turkish lira | 0.7% |
| U.A.E. dirham | 0.7% |
| Taiwanese new dollar | 0.7% |
| Vietnamese dong | 0.7% |
| Moroccan dirham | 0.7% |
| Peruvian new sol | 0.6% |
| Hungarian forint | 0.6% |
| Indonesian rupiah | 0.6% |
| Icelandic krona | 0.5% |
| East Caribbean dollar | 0.5% |
| Jamaican dollar | 0.5% |
| Pakistan rupee | 0.5% |
| Bahamian dollar | 0.4% |
| Tunisian dinar | 0.4% |
| Romanian new leu | 0.3% |
| Venezuelan bolivar fuerte | 0.3% |
| CFP franc (Pacific Financial Community) | 0.3% |
| Croatian kuna | 0.3% |
| Ghanaian cedi | 0.3% |
| Guatemalan quetzal | 0.3% |
| Honduran lempira | 0.3% |
| Sri Lanka rupee | 0.3% |
| Trinidad and Tobago dollar | 0.3% |
| Serbian dinar | 0.2% |
| Fiji dollar | 0.2% |
| Myanmar (Burma) kyat | 0.2% |
| Panamanian balboa | 0.2% |
| Neth. Antilles florin | 0.1% |
Please specify the purpose or purposes for which you or your organization are using the Bank of Canada’s FX rates.
personal (e.g. travel planning, personal finances)
62.6%
general business requirements (e.g. bookkeeping, travel expenses)
39.6%
legal or regulatory requirement
5.3%
commercial contract requirement
5.2%
conducting or executing FX trades
6.9%
data for research purposes
5.7%
Other
4.6%
Do you have a regulatory or legal requirement to use the Bank of Canada’s FX rates (either noon or 4 p.m.)?
Yes: specifically for noon rate
4.6%
Yes: specifically for closing rate
5%
Yes: for any Bank of Canada FX rate
5.1%
No
85.3%
What, if any, contingency plan(s) do you have in place if the Bank of Canada FX rate you require is not published on a given day?
Use previous day’s rate
31.3%
Wait for the Bank of Canada to publish the delayed rate
17.5%
Use the next day's rate
9%
Use rate from another source
24.7%
There is no contingency plan
27.7%
Other
3.1%
How do you access the Bank of Canada's FX rates?
Bank of Canada website
94.5%
Another source
6.7%
Would there be any consequences for your business activities from delaying the publishing time of the Bank of Canada’s FX rates (e.g., by a few hours, to after the end of the business day, or to the next day)?
Yes
8%
No
92%
Are there alternative sources of FX rates which you already employ or could employ in addition to or instead of the Bank of Canada FX rates?
Yes
32.5%
No
67.5%
Would a change in the calculation methodology to determine the published Bank of Canada FX rates have any impact on your use of these indicative rates?
Yes
7.9%
No
92.1%
Would there be any impact on your business activities from discontinuing the publication of some or all of the Bank of Canada’s FX rates? This could involve discontinuing publication of the indicative rates for some currency pairs.
Yes
24.2%
No
75.8%
Could the Bank of Canada’s FX rates be adequately substituted by alternative sources of FX market information?
Yes
70.3%
No
29.7%
If the Bank of Canada decided to change the calculation methodology used to determine the published FX rates and/or discontinue the publication of any of these indicative FX rates, how much lead time would you require to move to alternative data sources?
Less than 3 months
80.2%
3 to 6 months
8.6%
6-12 months
4%
More than 12 months
7.3%
Bank of Canada Announces Future Changes to its Published Foreign Exchange Rate Data
The Bank of Canada today announced that, effective 1 March 2017, it will make a series of changes to the number, frequency and calculation methodology of its published foreign exchange rates.
Background information on foreign exchange rates
Learn about the publication of, and calculation methodology for, the foreign exchange (FX) rate data on the Bank of Canada’s website.