Communications and outreach

Throughout 2024, the Bank of Canada communicated extensively to build trust with Canadians and ensure they understood its monetary policy actions.

As part of its efforts to reach Canadians, the Bank:

• increased the number of press conferences it holds each year
• made its flagship publication, the Monetary Policy Report (MPR), fully digital
• created more plain-language content for its website and social media channels

The Bank also expanded its engagement with stakeholders and the public, including people in the payments sector and Indigenous groups. Members of the Bank’s Governing Council travelled across the country to see and hear first-hand how different regions and sectors were adapting to the evolving economic situation.

Meanwhile, the Bank of Canada Museum:

• unveiled its “You Are the Economy” educational resource for teachers
• increased the number of virtual and in-person classes it offered
• raised its visitation numbers close to pre-pandemic levels

In October, the MPR became a fully digital product. The new format makes the Report interactive and easy to navigate. It also enables readers to download the data used in charts.

The Bank increased its publication of plain-language content on social media and its website. These efforts make the Bank’s work more accessible and allow it to address questions that Canadians often ask. For instance, the Bank shared content on:

• the relationship between the consumer price index and inflation
• the relationship between inflation and prices
• factors driving up the price of groceries
• the way gasoline prices are determined

By the end of 2024, the Bank had roughly 500,000 followers across its social media channels—a nearly 40% increase since the beginning of 2023.

As part of its commitment to transparency, the Bank:

• published speeches and research papers about its assessments of the actions it took during the COVID-19 pandemic1
• explained how Governing Council arrives at a consensus on policy interest rate announcements2
• put the spotlight on important economic issues, such as Canada’s track record on productivity growth3

In 2024, the Bank also published and began implementing its Reconciliation Action Plan. The plan was informed by broad consultations with Indigenous organizations and employees. It affirms the Bank’s commitment to:

• deepen our understanding of Indigenous economies in Canada
• foster an inclusive and equitable organizational culture

Advancing economic literacy through the Bank of Canada Museum

In 2024, 68,448 people visited the Bank of Canada Museum. This was just shy of the record set in 2019 and represented a 14% increase from 2023. This success can be attributed to the quality and breadth of programming, which the Museum develops to serve a variety of communities, including:

• teachers across the country and across different grade levels
• followers of the Museum’s website and social media channels
• families seeking accessible, engaging and informative activities

By collaborating with partners across the country, the Museum also expanded its reach and enriched its educational offerings.

For example, the Museum unveiled its “You Are the Economy” resource in October. This set of six free lesson plans and activities for grades 7–12 is designed to help teachers develop students’ understanding of economics and personal finances. During the three months following the launch, the landing page for these resources had over 14,000 views.

Canadian teachers continued to make use of the Museum’s other educational content, as well. In all, the Museum reached 8,433 students in 2024 through its various school programs—including 4,998 virtually and 3,435 onsite—an increase of 6% from 2023.