The Bank of Canada (the “Bank”), in its role as fiscal agent for the Government of Canada, previously announced the government’s intention to reintroduce morning auctions of Receiver General (RG) cash balances. Today, the Bank is announcing that RG auctions will commence on February 21st, 2024, and be conducted daily at 9:15 am. The initial RG auction will be sized at $5 billion and distributed as follows:
- $3 billion in the overnight tranche,
- $1 billion in a 2-day tranche, and
- $1 billion in a 3-day tranche.
Any changes to auction amounts will be based on government cash management needs and will be communicated to auction participants through the call for tender process in the Bank of Canada Auction System (BCAS). For additional information, please see the updated Terms and Conditions governing the morning auction of RG cash balances.
The reintroduction of these routine operations allows the government to manage its Canadian dollar cash balances and earn a competitive market-driven rate of return on its excess cash balances.
For further information, please contact:
Director
Financial Markets Department
Bank of Canada
Director
Financial Markets Department
Bank of Canada
Director
Funds Management Division
Department of Finance Canada