Uncategorized

• August 22, 2025

  Quarterly Financial Report - Second Quarter 2025

  Quarterly Financial Report - Second Quarter 2025 - For the period ended June 30, 2025, unaudited

  Content Type(s): Publications, Quarterly Financial Report
• August 21, 2025

  Refusal or Revocation of Registration under the Retail Payment Activities Act (RPAA)

  This supervisory policy outlines the Bank of Canada’s (the Bank) powers and procedures to refuse to register applicants or revoke the registration of payment service providers (PSPs) based on the criteria established in the RPAA and its associated regulations.

  Content Type(s): Retail payments supervision materials, Supervisory policies Research Topic(s): Enforcement, Registration
• August 21, 2025

  Re-registration of payment service providers after refusal or revocation

  This supervisory policy provides guidance on how to submit a new registration application for individuals and entities that have had their registration as retail payment service providers (PSPs) refused or revoked.

  Content Type(s): Retail payments supervision materials, Supervisory policies Research Topic(s): Registration

• Dynamic Consumer Cash Inventory Model

  Staff Working Paper 2025-22 Kim Huynh, Oleksandr Shcherbakov, André Stenzel

  We study consumer cash inventory behavior by developing a dynamic model of forward-looking consumers and estimating structural parameters of the model using detailed consumer survey data. Consumers facing holding and withdrawal costs solve a discrete-time continuous-control dynamic programming problem to optimally use cash at the point of sale.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Bank notes, Digital currencies and fintech, Econometric and statistical methods, Financial services JEL Code(s): D, D1, D12, D14, E, E4, E41, E42, G, G2, G21
• August 14, 2025

  Debt Management Strategy Consultations – 2026-27

  The Department of Finance and the Bank of Canada are seeking the views of government securities distributors, institutional investors, and other interested parties on issues related to the design and operation of the Government of Canada’s domestic debt program for 2026-27 and beyond.

  Content Type(s): Press, Market notices

• Monetary Policy Transmission with Endogenous Central Bank Responses in TANK

  Staff Working Paper 2025-21 Lilia Maliar, Chris Naubert

  We study how the transmission of monetary policy innovations is affected by the endogenous response of the central bank to macroeconomic aggregates in a two-agent New Keynesian model. We focus on how the stance of monetary policy and the fraction of savers in the economy affect transmission.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Economic models, Interest rates, Monetary policy, Monetary policy transmission JEL Code(s): C, C6, C61, C62, C63, E, E3, E31, E5, E52

• 2024 Methods-of-Payment Survey Report: Cash in an Era of Alternatives

  Staff Discussion Paper 2025-12 Marie-Hélène Felt, Anna Chernesky, Angelika Welte

  We present core findings from the 2024 Methods-of-Payment Survey, highlighting results from both the survey questionnaire and three-day shopping diary. Although cash holdings have increased in nominal terms, we find that cash usage remains unchanged since 2020. Mobile and other alternative payment methods continue to grow in importance.

  Content Type(s): Staff research, Staff discussion papers Research Topic(s): Bank notes, Digital currencies and fintech, Financial services JEL Code(s): D, D8, D83, E, E4, E41
• August 14, 2025

  The difference between a trade surplus and a trade deficit

  A trade surplus and a trade deficit are both measures of a country’s balance of trade. They are a calculation of whether a country exports or imports more.

  Content Type(s): Explainers Research Topic(s): Inflation and prices, International topics
• August 13, 2025

  Canada Border Services Agency and Royal Canadian Mounted Police win Bank of Canada counterfeit deterrence award

  The Bank of Canada is pleased to announce the recipients of its 2025 Law Enforcement Award of Excellence for Counterfeit Deterrence.

  Content Type(s): Press, Announcements

• Firm Heterogeneity and Adverse Selection in External Finance: Micro Evidence and Macro Implications

  Staff Working Paper 2025-20 Xing Guo, Pablo Ottonello, Thomas Winberry, Toni Whited

  We develop a heterogeneous firm macro model with private information and quantify the aggregate relevance of asymmetric information. We find that a spike in private information account for 40% of the decline in aggregate investment during the 2007-2009 financial crisis and made monetary stimulus significantly less effective.

  Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Financial markets, Firm dynamics, Monetary policy JEL Code(s): D, D8, D82, E, E2, E22, E3, E32, E5, E52, G, G3, G30