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The Bank of Canada has distinct roles as a lender of last resort. This article outlines how and under what circumstances the Bank can routinely provide liquidity to facilitate payment settlement, as well as the various ways it can respond in more exceptional situations.

The Canadian financial system comprises financial markets, financial institutions, and the clearing and settlement systems.

Cover page

Bus Transportation Tokens and Tickets

The pieces illustrated on the cover range in size from 12 mm to 38 mm in diameter or width. They form part of the National Currency Collection, Bank of Canada.

Photography by Gord Carter, Ottawa

The Canadian economy continues to adjust to major global developments.

Businesses remain essentially as optimistic about the economic outlook as they were in the summer survey. Although they have marked down their growth forecast for the U.S. economy, businesses expect stronger domestic demand.

Supplemental questions on the appreciation of the Canadian dollar - October 2004

Cover page

Promissory Note, 1712

The note measures 28 cm x 16 cm and forms part of the National Currency Collection, Bank of Canada.

Photography by Gord Carter, Ottawa

Since the April Monetary Policy Report, three developments have led the Bank of Canada to make small modifications to its outlook for economic growth and inflation in Canada.