Bank notes
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January 1, 2021
About legal tender
Find out what “legal tender” means, why legal tender status changes, and how to redeem older bank notes. -
Losing Contact: The Impact of Contactless Payments on Cash Usage
Contactless payment cards are a competitive alternative to cash. Using Canadian panel data from 2010 to 2017, this study investigates whether contactless credit cards are an important contributor to the decline in the transactional use of cash. -
November 9, 2020
Bank of Canada announces short list for next $5 bank note
The Bank of Canada today announced that the independent Advisory Council has selected a short list of eight iconic Canadians who could be featured on the next $5 bank note. -
2019 Cash Alternative Survey Results
The role of cash in Canadians’ lives has been evolving, as innovations in digital payments have become more widely adopted over the past decade. We contribute to the Bank of Canada’s research on central bank digital currency by monitoring Canadians’ use of cash and their adoption of digital payment methods. -
Survival Analysis of Bank Note Circulation: Fitness, Network Structure and Machine Learning
Using the Bank of Canada's Currency Information Management Strategy, we analyze the network structure traced by a bank note’s travel in circulation and find that the denomination of the bank note is important in our potential understanding of the demand and use of cash. -
Cash and COVID-19: The impact of the pandemic on demand for and use of cash
Consumer spending declined significantly during the recent COVID-19 pandemic. This negative shock likely reduced spending across all methods of payment (cash, debit, credit, etc.). The mix of payment methods consumers use could also be affected. We study how the pandemic has influenced the demand for and use of cash. We also offer insights into the use of other payment methods, such as debit and credit cards. -
June 16, 2020
Opening Statement before the House of Commons Standing Committee on Finance
Introduction Good afternoon, Chair and committee members. It is an honour for me to appear before you as the 10th Governor of the Bank of Canada. I look forward to working with parliamentarians over the next seven years through regular appearances before committees of the House and Senate. These are an important part of the […] -
Is Central Bank Currency Fundamental to the Monetary System?
In this paper, we discuss whether the ability of individuals to convert commercial bank money (i.e., bank deposits) into central bank money is fundamentally important for the monetary system. -
Demand for Payment Services and Consumer Welfare: The Introduction of a Central Bank Digital Currency
Using a two-stage model, we study the determinants of Canadian consumers’ choices of payment method at the point of sale. We estimate consumer preferences and adoption costs for various combinations of payment methods. We analyze how introducing a central bank digital currency would affect the market equilibrium.