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Tiff Macklem, Governor of the Bank of Canada
Interview with Howard Green of The Toronto Star

The Canadian economy continued to recover from the effects of the COVID‑19 pandemic in 2021.

This section provides a narrative discussion outlining the key highlights of the Bank’s financial results for the year ended December 31, 2021.

The COVID‑19 pandemic continued to affect the Bank’s currency operations in 2021.

As the pandemic entered its second year, the Bank’s communication efforts remained focused on explaining the extraordinary measures put in place to foster economic recovery. The Bank also began laying out its plans for adjusting monetary policy as the economy returns to its full potential.

The end of 2021 felt much like the beginning—full of cautious optimism but clouded by near-term uncertainty about the path of the COVID‑19 pandemic and its impact on the economy. But in fact much has changed.

In 2021, the Bank’s tool kit for promoting the resilience of the financial system expanded. Under the Retail Payment Activities Act, which received Royal Assent in June, the Bank will be responsible for supervising payment service providers (PSPs).

Throughout 2021, the Bank closely monitored the COVID‑19 pandemic. In autumn, following widespread vaccination across Canada, the Bank was able to begin transitioning out of a crisis-response mode.

Efficient, cost-effective and innovative operations help the Bank achieve its mandate and business objectives.