Governor Tiff Macklem discusses the Bank of Canada’s role in ensuring Canadians can trust their money in all its forms. He describes the Bank’s new responsibilities—regulating stablecoins and implementing consumer-driven banking. He also talks about how keeping inflation low and stable ensures Canadian money retains its purchasing power.
Watch Governor Macklem speak to the Chamber of Commerce of Metropolitan Montreal. Read the full speech.
Good money must be secure
The Bank’s job is to maintain trust in Canada’s money—whether bank notes or digital money in your bank accounts. We do this by issuing currency that is easy to authenticate and hard to counterfeit. We also do this by supervising the country’s payment systems to ensure they’re stable and efficient. That way, your money is safe and secure wherever it is— in your pocket, in your bank account or when making payments.
The Bank is designing advanced anti-counterfeiting features for the next bank note to be issued in 2027, a vertical $20 note featuring King Charles III. We are also supervising the systems that move digital money from one place to another—everything from a small payment from your phone for a coffee to large transfers between banks.
It's critically important to the Bank that Canadian money be good money. That it’s trustworthy and secure. That it can be converted to cash, dollar for dollar, no matter its form.”
Stability does not mean standing still
The Bank supports innovations that offer Canadians cheaper and more efficient ways of storing, moving and managing their money. But we need to make sure these new types of money and payment methods are safe to use.
Starting this year, the Bank is supervising retail payments. And next year we will take on two additional responsibilities:
- regulating stablecoins, a new kind of cryptocurrency designed to be worth the same as central bank money
- implementing consumer-driven banking, which will give Canadians more control over their financial data and make it easier to compare banks, switch providers and use new financial tools
With our role as the provider of cash and the supervisor of payment systems, and our mandate to control inflation, these new responsibilities make the Bank a one-stop shop for money you can trust.”
Preserving purchasing power
Good money must hold its value to maintain the trust of Canadians. To keep the value of money stable, we need to keep inflation close to our 2 % target. When inflation is stable, the economy works well.
Many Canadians still feel the pain of the post-pandemic period of high inflation. The Bank raised the policy interest rate quickly to lower the inflation rate to the target, but price levels remain higher than before. It’s important to keep inflation low and stable so that incomes can catch up.
The Bank reviews the monetary policy framework every five years and will do so again in 2026. As we review, we want to make sure we are ready for a more uncertain world with more frequent shocks.
And as money changes with innovation and Canada’s economy faces new challenges, the Bank will be there for Canadians. You can count on us to maintain the trust and stability of your money.
We can and must be both a source of stability and an engine of progress.”
Watch Governor Macklem answer questions from the media following his speech.
You might also like
October 9, 2025