Uncategorized

• December 19, 2025

  Supervisory policy for online marketplaces

  This supervisory policy sets out the Bank of Canada’s approach to online marketplaces and explains when their activities fall within the scope of the Retail Payment Activities Act.

  Content Type(s): Retail payments materials, Supervisory policies Subject(s): Retail payments, Holding funds, Registration

• Inflation Expectations in Action: Exploring Agents’ Behaviour in a Period of High Inflation

  Staff discussion paper 2025-18 Naveen Rai, Hayley Touchburn, Matt West

  Inflation expectations are important to monetary policy decision-makers. Using survey evidence, we examine how firms and consumers react to their inflation expectations during the post-pandemic period of high inflation.

  Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C8, C83, D, D8, D84, E, E3, E31 Research Theme(s): Monetary policy, Inflation dynamics and pressures

• Estimating the Costs of Electronic Retail Payment Networks: A Cross-Country Meta Analysis

  Staff discussion paper 2025-17 Cam Donohoe, Youming Liu

  We explore how many electronic funds transfer (EFT) systems can viably coexist within a jurisdiction at efficient scale by estimating the cost curve of the average EFT. We estimate the marginal cost to be approximately $0.55 per transaction, and the fixed cost to be approximately $83 million per year.

  Content Type(s): Staff research, Staff discussion papers JEL Code(s): E, E4, E42, E5, E58, H, H5, H54 Research Theme(s): Financial system, Financial institutions and intermediation, Financial system regulation and oversight, Money and payments, Retail payments
• December 16, 2025

  Radio Canada

  

  Tiff Macklem, Governor of the Bank of Canada.
  Interview with Zone économie on Radio-Canada.

  Content Type(s): Press, Media activities
• December 16, 2025

  Bank of Canada Media Interview – Zone économie

  Tiff Macklem, Governor of the Bank of Canada, gave an interview to Radio-Canada’s Gérald Fillion. The interview will air today on Zone économie.

  Content Type(s): Press, Media advisories
• December 16, 2025

  Bank of Canada Media Interview – The Globe and Mail

  Tiff Macklem, Governor of the Bank of Canada, gave an interview to Mark Rendell of the Globe and Mail, which will be published online and in the newspaper.

  Content Type(s): Press, Media advisories
• December 16, 2025

  Speech: Tiff Macklem, Governor

  13:00 (ET)
  Montréal, QC

  Content Type(s): Upcoming events
• December 16, 2025

  Speech by Tiff Macklem, Governor of the Bank of Canada

  On Tuesday, December 16, 2025, Tiff Macklem, Governor of the Bank of Canada, will speak before The Chamber of Commerce of Metropolitan Montreal.

  Content Type(s): Press, Media advisories
• December 16, 2025

  Good money and your central bank

  Remarks Tiff Macklem The Chamber of Commerce of Metropolitan Montreal Montréal, Quebec

  Governor Tiff Macklem discusses the Bank of Canada’s role in ensuring the stability of money in all its forms, from currency to digital payments. He also outlines how keeping inflation low and stable ensures Canadian money retains its purchasing power.

  Content Type(s): Press, Speeches and appearances, Remarks Subject(s): Currency, Bank notes, Digital currency, Monetary policy, Inflation targeting framework
• December 16, 2025

  Money you can count on

  Speech summary Tiff Macklem The Chamber of Commerce of Metropolitan Montreal Montréal, Quebec

  Governor Tiff Macklem discusses the Bank of Canada’s role in ensuring Canadians can trust their money in all its forms.

  Content Type(s): Press, Speeches and appearances, Speech summaries Subject(s): Currency, Bank notes, Digital currency, Monetary policy, Inflation targeting framework