Communications and outreach

High inflation and rising interest rates continued to challenge Canadians in 2023. This made transparent communications and engagement more important than ever. The Bank of Canada increased its efforts in both areas.

To give Canadians a better understanding of how interest rate decisions are made, the Bank began publishing a summary of Governing Council deliberations after each interest rate announcement. It also expanded its social media presence to reach more Canadians, joining Facebook and Instagram and posting about a wider range of topics than before.

The Bank continued to engage with individuals and stakeholders in key areas. Meanwhile, the Bank of Canada Museum increased its educational content for in-person visitors and on its website.

Building trust through transparency and engagement

Launching a publication that sheds light on the Bank’s decision-making process

The summary of deliberations published after each interest rate announcement contains more information than in the announcement press release. The summary explains:

• what issues Governing Council considered in its deliberations
• how Governing Council interpreted economic developments
• how Governing Council reached consensus on its decision

By being more transparent about Governing Council’s discussions, the Bank aims to increase Canadians’ awareness of and confidence in the decision-making process. This, in turn, makes monetary policy more effective because businesses and households can make informed decisions about spending and saving.

Adopting additional tools and expanding the Bank’s social media content

The Bank launched Facebook and Instagram accounts in both official languages. This move was motivated in part by the Bank’s desire to reach a wide variety of audiences, such as young people. This gives it a presence on two additional social media platforms that are commonly used by Canadians.

While the Bank has been active on social media since 2008, its messages had focused mainly on key publications and events. In 2023, the Bank began to post on a broader range of topics, such as:

• educational content about economic concepts
• the Bank’s history and mandate, including its new retail payments supervision function
• its research work as well as the financial and data tools it offers on its website
• bank notes and tips for spotting counterfeits
• job opportunities and what it’s like to work at the Bank

This diverse content provides Canadians with a more comprehensive view of the many ways the Bank serves them. It also offers insight into the Bank’s core values and dedicated staff.

Engaging with stakeholders and informing Canadians

The Bank reached out to Canadians about several topics:

• the economic environment and the effects of interest rate decisions on different sectors and regions
• the implementation of its retail payments supervision responsibilities
• its Indigenous Reconciliation Action Plan
• a potential Digital Canadian Dollar

Conducting outreach with the Canadian business community

As interest rate increases worked their way through the economy in 2023, Governing Council members held outreach events with business leaders from various sectors across Canada. Through these sessions, the Bank learned about the perspectives of business leaders who make decisions that affect Canada’s economy.

Raising awareness among payment service providers of the Bank’s new mandate

The Bank launched a campaign to raise awareness among the payment service providers (PSPs) that will be subject to new regulations under the Retail Payment Activities Act. The campaign included engaging with PSPs and publishing a newsletter.

Taking steps toward economic reconciliation with Indigenous Peoples

The Bank advanced work on its Indigenous Reconciliation Action Plan. This involved:

• engaging with Indigenous organizations and publishing a report on what it heard
• developing a draft action plan and inviting feedback from Indigenous partners and communities

The Bank also continued to be an active participant in the Central Bank Network for Indigenous Inclusion. It participated in the Symposium on Indigenous Inclusion hosted by the Reserve Bank of New Zealand. The 2023 event covered topics such as financial inclusion and access to capital.

For the first time since the onset of the COVID‑19 pandemic, the Bank hosted an in-person meeting of the Indigenous Advisory Circle. The meeting brought together cultural Knowledge Keepers from different First Nations, Inuit and Métis communities.

Consulting the public on a Digital Canadian Dollar

The Bank continued its outreach on a potential Digital Canadian Dollar. As part of this work, it invited Canadians to take part in a survey to share their views and perspectives. In November, the Bank published a report summarizing key takeaways from its outreach activities on this topic over the past two years.

Expanding the Bank of Canada Museum’s educational content

The Bank of Canada Museum continued to play a crucial role in raising awareness about the economy and the Bank’s work. In 2023, it:

• offered on-site and virtual school programs to 7,948 students
• provided teachers with a variety of educational resources geared toward students from grades 4 to 12, including the first two themes of its “You Are the Economy” resource
• launched an exhibition called “Money in 10 Questions: Kids Edition,” for which it solicited questions from children across the country and received more than 800 submissions
• issued its second Award for Excellence in Teaching Economics, this year to teachers from Saskatchewan and Manitoba
• continued to implement its accessibility plan, including wayfinding and special programs for children on the autism spectrum

Looking forward

In 2024, the Bank will continue to improve how it communicates with Canadians. It will:

• begin holding a press conference after each monetary policy decision to help households, businesses and communities understand the actions it is taking and why
• expand its outreach activities across Canada, enabling Governing Council members to hear directly and more often from individuals and stakeholders
• publish a fully digital version of its flagship publication, the Monetary Policy Report—the new format will enable readers to interact with data and find information more easily
• publish and implement its Indigenous Reconciliation Action Plan
• raise awareness of the economy and the Bank’s work by broadening the Museum’s educational programs

More information

Summary of Governing Council deliberations

Bank of Canada on Facebook

Bank of Canada on Instagram

Bank of Canada Museum